Markets struggle in thin trading

UAE shares closed higher yesterday in thin trading as the markets struggled for dir­ection ahead of first-quarter earnings.

Saudi stocks were little changed, despite positive earnings from bellwethers Al Rajhi Bank and Jabal Omar Development.

The Dubai Financial Market General Index ended the day up 0.3 per cent at 3,463.84, with trading volumes 60 per cent lower than the daily average for the past six months.

DIB led blue-chip gainers, rising by 1.6 per cent to Dh5.85.

“There’s not much shape to the market, with investors waiting for leads on crude and looking ahead to more first- quarter results,” said Sanyalak Manibhandu, the head of research at NBAD Securities. “Volumes have dried up but sentiment can change on a fil coin, with some big results announcements later this week.”

Arabtec Holding shares regained a little ground after falling sharply on Sunday, on the announcement yesterday of the appointment of Peter Pollard of Serco Group as chief financial officer. Its shares closed up 3.2 per cent at 83.7 fils.

In Saudi Arabia, the Tadawul finished flat, with gains by Etihad Etisalat and Zain KSA partly cancelled out by falls by Yanbu National Petroleum and Jabal Omar Development. Jabal Omar’s shares closed down 0.3 per cent, despite the developer reporting a 62.4 million Saudi riyals profit for the first quarter. Al Rajhi Bank closed up 0.1 per cent, after its first-quarter profit came in ahead of analyst forecasts.

Abu Dhabi shares closed up 1.2 per cent at 4,544.57, on the exchange’s quietest day of trading in more than three weeks. First Abu Dhabi Bank (ticker: NBAD) led gainers, closing up by 2.8 per cent.

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