Gulf stocks positive; Dubai recovers from sell-off

The United Arab Emirates stock markets recovered on Tuesday, amid fresh stimulus from corporate news and in line with positive sentiment in the rest of the region.

Dubai’s main index bounced back from yesterday’s sell-off and climbed 0.4 percent to close at 3,653 points. Contractor Drake & Scull International rose 7 percent to AED 0.51, after it announced capital restructuring plans to limit its losses.

The construction firm, which went limit down in the last session, had slumped as much 8 percent earlier today after reporting another year of losses.

Shuaa Capital rose 5.8 percent to AED 1.65. The firm narrowed its net loss to AED 18.9 million in Q4 2016.

Arab Insurance Group (ARIG) was the top gainer for the day, jumping 15 percent to touch the daily ceiling at AED 1.38. The company swung to a net profit of $9.2 million in 2016.

Meanwhile, Arabtec Holding went limit down for second straight session after posting a wider loss in 2016. The contractor plunged 9.2 percent to close at AED 1.08.

In Abu Dhabi, the general index rose 0.2 percent to 4,573 points. Eshraq Properties shook off yesterday’s losses and jumped 9 percent to AED 1.08. RAK Properties also gained 2.6 percent to reach AED 0.78.

Dana Gas climbed 6.4 percent to AED 0.5. The energy firm said a London arbitration tribunal has directed Iraq’s Kurdistan Regional Government to pay $121 million to a consortium that includes Dana Gas.

Elsewhere in the region, Kuwait’s price index surged 1.5 percent to 6,751 points, while both Bahrain and Oman rose 0.1 percent each.

Saudi Arabia’s Tadawul All Share Index (TASI) was last down 0.2 percent.

Qatar was closed for a national holiday.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com