Dubai stocks inched higher on the last trading day of the week as cautious investors selectively bought shares after recent sell-off.
“There is a little bit of interest after the recent correction that happened following the disappointing earnings and lower oil prices,” said Tariq Qaqish, the head of asset management at Al Mal Capital, a Dubai-based investment bank.
Emaar Properties, the developer behind the world’s tallest skyscraper, was unchanged after trading, closing at Dh10.90.
The contracting firm Arabtec Holding, which posted lower profits on higher expenses this week, was also unchanged at Dh3.96.
Du, the telecoms operator, gained 3.5 per cent to Dh5.49.
The Dubai Financial Market General Index advanced 0.2 per cent to 4,563.39 points. Brent crude traded at $78 a barrel in London at 3pm Abu Dhabi time.
“If you think about it, the recent drop of oil prices has been significant and has reinforced investors to revisit earnings growth expectations over the coming three years,” Mr Qaqish said. “Going forward, investors should be more selective in terms of their allocation as there’s going to be a big variance in terms of company earnings.”
Trading was mostly focused on property stocks in Abu Dhabi.
RAK Properties jumped 5.6 per cent to 94 fils. Eshraq Properties slipped 1.7 per cent to Dh1.15. Aldar Properties gained 5.6 per cent to Dh3.25.
The Abu Dhabi Securities Exchange General Index gained 0.4 per cent to 4,957.79.
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