Property companies provided a boost to the Dubai Financial Market despite a setback for Arabtec’s stock after it reported a first-quarter loss.
Both the Dubai and Abu Dhabi markets closed marginally higher yesterday, but there are expectations of more activity this quarter.
“As we are heading towards the summer season, I won’t be surprised to see more volatility,” said Saleem Khokhar, the head of fund management and head of equities at NBAD Global Asset Management.
The Dubai market ended 0.27 per cent higher at 4,067.42.
Buying in Union Properties pushed its stock up 5.13 per cent higher to Dh1.23. On Monday it shed 9.7 per cent following a sharp decline in its first-quarter net profit.
The district cooling provider Tabreed, the developer Deyaar and the construction company GGICO led the market in late morning gains. The gains for Tabreed continue from last week, when it announced that it would buy back about 28 per cent of mandatory convertible bonds held by its largest shareholder, Mubadala.
Arabtec’s stock declined 3.53 per cent to Dh2.46 a share after it reported a Dh279.8 million first-quarter loss compared to Dh137.9m profit in the same period last year.
The less volatile Abu Dhabi stock market continued its gains this week to close at 4,614.36, 0.44 per cent higher.
The rise was led by the Islamic insurance company Abu Dhabi National Takaful, which jumped 14.91 per cent, and Abu Dhabi Ship Building by 14.68 per cent.
The pharmaceuticals company Julphar and Union National Bank shed 2.3 per cent and 2.17 per cent, respectively.
ssahoo@thenational.ae
Follow The National's Business section on Twitter
