Tabreed rises amid lacklustre trading on UAE markets

08/05/2015 10:37 AST

Shares in Tabreed surged to their highest level in more than five months on Thursday, on an otherwise lacklustre day for the stock markets.

The Dubai-listed district cooling company’s shares surged 14.7 per cent to Dh1.40, their highest level since late November.

The shares reacted positively following an announcement made late on Wednesday that it would seek approval for a buyback of 28 per cent of mandatory convertible bonds currently held by its largest shareholder Mubadala.

It was an otherwise quiet day for Dubai stocks, as trading volumes subsided compared with Wednesday.

The Dubai Financial Market General Index ended the day virtually unchanged, closing down 0.2 per cent at 4,103.49.

Arabtec and Dubai Parks were the pick of the index’s blue chip stocks, closing up 1.5 per cent and 0.7 per cent, respectively.

Arabtec on Wednesday named Mohamed Thani Al Rumaithi as its new chairman, replacing Khadem Al Qubaisi.

Damac and Deyaar were among the main drags on the index, ending down 3.1 per cent and 2.5 per cent, respectively.

It was a similar story in the capital, the Abu Dhabi Securities Exchange General Index ending down 0.2 per cent at 4,554.88.

Eshraq Properties and Dana Gas were the main losers on the index, ending down 4.3 per cent and 4.2 per cent, respectively.

Banking stocks were the sole bright spot for the index, with ADIB, FGB and ADCB all posting gains of less than 1 per cent.


The National

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