Slim gains on UAE bourses

Dar Takaful and Dubai Parks and Resorts were the only Dubai stocks to advance more than 1 per cent.

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The UAE’s main stock indexes eked out slim gains on Thursday in quiet trading.

Dar Takaful and Dubai Parks and Resorts were the only Dubai stocks to advance more than 1 per cent, rising 3.9 per cent and 2.9 per cent, respectively.

Emaar Properties, the index heavyweight, closed up 0.9 per cent at Dh8.20.

Amanat Holdings, which announced the acquisition of a 4.1 per cent stake in Abu Dhabi’s Al Noor Hospitals, was among the decliners, closing down 1.5 per cent at 87.5 fils.

The Dubai Financial Market General Index rose 0.2 per cent to 4,118.60.

In the capital, the Abu Dhabi Securities Exchange General Index fared marginally better, rising 0.4 per cent to 4,650.66. Trading volumes, however, slumped to a three-month low.

Etisalat was the index’s best performer. The telecoms operator’s shares surged 3 per cent to Dh11.75 – its best one-day performance since the end of February.

Energy stocks acted as a drag on the index, with Taqa and Dana Gas falling by 2.7 per cent and 2.27 per cent, respectively.

Qatar Exchange ended 0.6 per cent lower at 12,433.49.

Brent, the European benchmark crude, edged towards $66 per barrel as data showed US crude oil inventories fell for a third week and because of continued fighting in Iraq.

Analysts now expect prices to rise to $70 per barrel. “Brent is getting a bit of impetus from the threat Islamic State is posing in Iraq,” Christopher Bellew, a senior broker at Jefferies Bache told Reuters. “I can see prices moving up further from here on geopolitics towards $70.”

jeverington@thenational.ae

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