UAE equities look to US developments with hope
UAE equities rose at the open after US president Barack Obama said that leaders of both parties in the US House and Senate have reached a tentative agreement to raise the country's debt ceiling ahead of a possible default on Aug 2.
The Abu Dhabi Securities Exchange General Index rose 0.3 per cent to 2627.59 points. Aldar Properties, the capital's largest developer, added 1.6 per cent to Dh1.27. Methaq Takaful Insurance gained 2.7 per cent to Dh1.52 a share. Sorouh Real Estate, Abu Dhabi's second biggest developer, gained 1.6 per cent to Dh1.25 a share.
Dubai's benchmark, the Dubai Financial Market General Index added 0.2 per cent to 1521.71.
"In the UAE we're seeing a shy positive impact," said Wadah Taha, the chief investment officer at Al Zarooni Group in Dubai. "Both stock exchanges, the Abu Dhabi Securities Exchange and the Dubai Financial Market, opened in the green but there is limited turnover from local and regional participants as its the first day of Ramadan, but the reaction is generally positive."
Ramadan, the Muslim month of fasting, kicked off with a traditional lull in volumes.
Elsewhere in the region, Kuwait's index added 0.1 per cent to 6040.60 points. Bahrain's index was little changed at 1291.30 points. Oman's index gained 0.5 per cent to 5842.09 points. Qatar's benchmark gained 0.1 per cent to 8415.68 points. The Saudi Tadawul All-Share Index added 0.5 per cent to 6392.13 points.
Published: August 1, 2011 04:00 AM