Dubai’s stock market edged higher yesterday, lifted by property stocks, as investors positioned portfolios ahead of second-quarter results.
Drake & Scull International, a contracting firm, advanced 2.2 per cent to 82 fils. Emaar Properties gained 1.2 per cent to Dh3.27. Arabtec Holding, another Dubai contractor, rose 1.3 per cent to Dh2.98. The Dubai Financial Market General Index closed 0.7 per cent higher at 1,527.95.
“Retail investors are excited about Q2 numbers,” said Marwan Shurrab, the chief trader at the asset-manager Gulfmena Investments in Dubai.
“The main blue-chips are in focus, while increased turnover today helped break key resistance levels and attracted medium-term investors.”
Brent crude rose 1.1 per cent to US$103.55 per barrel, as investors pinned hopes on the United States Federal Reserve chairman Ben Bernanke introducing additional measures to boost the nation’s economy.
In Abu Dhabi, Aldar Properties was unchanged at Dh1.11, while Sorouh Real Estate closed 0.9 per cent higher to Dh1.02. RAK Properties was unchanged at 32 fils.
Eleven stocks rose, four declined, seven were unchanged and 44 were untraded.
The Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,462.75.
Elsewhere in the region: Kuwait’s measure was little changed, down 0.07 per cent, to 5,856.05; Bahrain’s measure added 0.1 per cent to 1,116.43; Oman’s MSM 30 Index added 0.1 per cent to 5,504.14; Qatar’s QE Index gained 0.2 per cent to 8,314.33 points.
The Saudi Tadawul All-Share Index rose .7 per cent to 6,588.81.
Kuwait inflation plunges to nine-year low
Kuwait's annual inflation rate fell to a modest 2.7 per cent in October - its lowest in nine years, despite robust consumer spending and some improvement in business sentiment, said a report.