Local bourses inch higher

Local stocks finished marginally higher yesterday, providing a respite from recent instability in world markets.

A trader follows the developments at the Dubai Financial Market. Ali Haider / EPA

Local stocks finished marginally higher yesterday, providing relief from recent rockiness in global markets.

The Abu Dhabi Securities Exchange General Index closed 0.07 per cent higher at 2,604.85. The Dubai Financial Market General Index finished 0.4 per cent higher at 1,485.02.

Stocks had opened lower as investors waited on the sidelines for more clues about the direction of global economic growth.

But a positive opening in Europe helped bolster sentiment.

Overall, local trading has remained thin since the reopening of markets after the Eid holiday.

In Abu Dhabi, banks and property stocks were the poorest performers, down 0.14 and 0.75 per cent, respectively.

In contrast, Emirates NBD, Dubai's biggest bank by value, ended 1.4 per cent higher, with Dubai Islamic Bank gaining 0.5 per cent.

National Bank of Abu Dhabi and Etisalat were among the top performers in the capital, up 1.3 and 0.5 per cent, respectively.

The Kuwaiti index rose 0.1 per cent to 5,861, and Qatar's index rose 0.3 per cent to 8,333.

National Bank of Kuwait dropped 1.9 per cent. It followed Goldman Sachs reducing its price target for the bank while maintaining a neutral rating.

On the Qatar exchange, Qatar Electricity and Wateradvanced 1.5 per cent and Masraf Al Rayan rose 0.8 per cent. Saudi Arabia's Tadawul All-Share Index climbed after early losses.

Oman's index experienced its largest drop in about a month as banking and services stocks were sold off.

Stocks in Asia finished lower. The MSCI Asia Pacific Index ended 2.7 per cent down.

Both UAE indexes closed lower on Monday as local stocks were embroiled in the global equity sell-off.