Investors wait to see numbers

09/07/2010 00:00 AST

Emaar Properties led the Dubai bourse higher yesterday but local markets were largely subdued ahead of expected earnings reports.

“There were only specific names that went up and many others were left behind as people bought into quality names ahead of second-quarter earnings,” said Hassan el Salah, the head of institutional trading at AlRamz Securities based in Abu Dhabi.

“People are looking for any signs of improvement or visibility in the market.”

The Dubai Financial Market General Index moved up 1.1 per cent to 1,499.81.

Emaar, Dubai’s largest listed developer, rose 3.2 per cent to Dh3.22, while Arabtec Holding gained 1.1 per cent to close at Dh1.73 a share.

Drake & Scull International moved up 1.7 per cent to 81 fils as the company announced this week it had won a second major contract in Riyadh, Saudi Arabia.

The Abu Dhabi Securities Exchange General Index rose less than 0.5 per cent to 2,528.34.

Dana Gas shares recorded top volume, finishing ahead 1.4 per cent at 71 fils. Aldar Properties, Abu Dhabi’s largest listed developer, moved up 0.3 per cent to Dh2.70, and Sorouh Properties rose 0.5 per cent to Dh1.77.

Elsewhere in the region: Kuwait’s measure dipped 0.2 per cent to 6,430.90; Bahrain’s index rose 0.2 per cent to 1,366.29; Qatar gained 0.4 per cent to 6,910.18; and Muscat rose 0.2 per cent to 6,231.01.

The Saudi exchange was closed for the day.


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