UAE stock markets flat as oil stays below $50

10/05/2017 08:00 AST

UAE stocks inched upwards in thin trading on Tuesday, with few catalysts for investors to return to the market after Sunday’s oil-inspired sell-off.

Brent futures gained for a third straight day, but once again failed to break through the US$50 per barrel barrier.

Among the region’s few big movers was the retailer Marka. It was the steepest decliner among the seven stocks that lost ground in Dubai, closing down 9.8 per cent at Dh1.11. The stock traded heavily, at 153 per cent of average daily three-month volume, as the lockup period on its founders’ shares expired.

It was Marka’s steepest one-day drop since October 1, 2015. None of the Arabian Gulf’s headline bourses moved more than half a per cent on Tuesday, but Dubai and Saudi Arabia were the pick of the gainers.

The Dubai Financial Market General Index rose for a second day, closing up 0.5 per cent at 3,408.44, even as volumes were less than half the daily average for the past six months. Emaar Properties and Dubai Investments led blue-chip gains, finishing up 1.1 per cent and 0.9 per cent, respectively. Drake and Scull International rose 0.3 per cent at 40.3 fils, after being upgraded to "reduce" from "sell" by analysts at AlphaMena.

The Abu Dhabi Securities Exchange General Index ended up 0.1 per cent at 4,584.65, with ADCB leading gains.

Shares in Aldar Properties rose by as much as 2.3 per cent, eventually finishing up 1.8 per cent at Dh2.23, after the developer reported a flat quarterly profit. First Abu Dhabi Bank closed lower for the third consecutive day, finishing down 0.4 per cent at Dh11.20.

In Saudi Arabia, the Tadawul ended the day up 0.8 per cent, thanks to gains by Al Rajhi Bank and Sabic.

The National