Investors in the region remained cautious for the second session in a row on modest volumes. The Dubai Financial Market General Index closed 0.9 per cent higher at 1,605.22. Emaar Properties and Emirates NBD, the two most heavily weighted stocks in the index, rose 1.8 per cent and 3.2 per cent to Dh3.41 and Dh2.80, respectively.
Deyaar Development and Union Properties, the other two listed developers in Dubai, rose by 2.4 per cent and 0.9 per cent to Dh0.34 and Dh0.42, respectively. The cooling company Tabreed rose 2.2 per cent to Dh0.42. It said yesterday it had not made distribution payments on its Dh1.7 billion Islamic bonds maturing next year. Payments were due on May 19. Despite the gains, volume for the exchange was under 100 million shares, well below average.
"Investors are still apprehensive. They are shocked from the losses earlier in the week," said Fadi al Said, a senior fund manager at ING Investments Management in Dubai. The Abu Dhabi Securities Exchange General Index retreated 0.2 per cent to 2,641.10 with losses in Aabar Investments and Dana Gas dragging on the index. Aabar dropped 1.6 per cent to Dh1.88 while Dana Gas declined 1.3 per cent to Dh0.75. First Gulf Bank dropped 2.1 per cent to Dh16.50.
Elsewhere in the region, the Muscat measure added the most, closing 2 per cent higher. The Kuwait benchmark closed up slightly. Bahrain and Qatar shares declined 1.3 and 0.2 per cent, respectively. The Saudi market was closed. @Email:skhan@thenational.ae