Construction provides solid footing for UAE traders

Market Wrap: Property and construction stocks were unable to sustain gains during the first half of the trading session, due to technical resistance, a fund manager said.

Property and constructions stocks were unable to sustain higher prices during the first half of the trading session due to technical resistance, a fund manager said.

In Dubai, Arabtec Holding closed 1.9 per cent higher to Dh1.54 a share. Earlier, shares rose as much as 6 per cent on speculation that the Dubai contractor may be awarded contracts from Saudi Arabia's spending package, introduced on the weekend, which included the construction of 500,000 unit, worth $66.7 billion

"There was speculation about stocks which have exposure in Saudi Arabia that may benefit from the announcement, but the market seems to be facing resistance now," said Haissam Arabi, the chief executive of Gulfmena Alternative Investments in Dubai.

Emaar Properties added 1.6 per cent to Dh3.00 a share. Drake and Scull added 0.9 per cent to Dh1.03.The Dubai Financial Market General Index rose 0.9 per cent to 1521.10.

Aldar Properties, listed in Abu Dhabi, rose 6.6 per cent to Dh1.45. Sorouh Real Estate added 4.5 per cent to Dh1.43. The Abu Dhabi Securities Exchange General Index added 0.6 per cent to 2630.15 points.

Elsewhere in the region, Kuwait's measure added 0.2 per cent to 6330.30. Bahrain's index added 0.7 per cent to 1410.84. Oman's benchmark added 0.4 per cent to 6393.62. The Saudi Tadawul All-Share Index added 0.5 per cent to 6389.85.