Gulf stocks edge higher; Dubai slips after Emaar falls

Stock markets in the Gulf were mainly positive on Thursday, though Dubai’s main index declined under pressure from blue chip Emaar Properties.

The benchmark index closed lower by 0.4 percent at 3,461 points. Volumes were thin at AED 231 million and the advance-decline ratio stood at 9-16. Emaar fell 1.1 percent to AED 7.25.

On the other hand, contractor Drake & Scull rose 2.2 percent to AED 0.462, after it announced plan to sell its stake in One Palm development to Omniyat Properties.

Arabtec Holding gained 2.8 percent to AED 0.882. The firm said shares for its upcoming rights issue will be offered at a price of AED 1 per share.

Two of the biggest construction firms in the United Arab Emirate, DSI and Arabtec, are working toward capital restructuring plans as they attempt to wipe off losses.

In Abu Dhabi, the general index climbed 0.3 percent to 4,495 points. Energy stocks surged with Dana Gas up 2.3 percent at AED 0.44 and TAQA up 2.3 percent to AED 0.45.

Among banks, First Gulf Bank rose 0.8 percent to AED 13 and National Bank of Abu Dhabi rose 0.5 percent to AED 10.55.

Elsewhere in the region, Qatar’s QE index ended the week with a rise of 0.5 percent to 10,445 points. Kuwait’s price index added 0.3 percent.

Saudi Arabia’s Tadawul All Share Index was last trading up 0.7 percent.

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