Union Properties made its biggest intraday gain in more than a week as the Dubai developer announced a 64 per cent jump in first quarter net profit.
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The company in which Emirates NBD holds a 48 per cent stake, said its first quarter net profit for the year climbed to Dh82 million as it handed over properties located in the Dubai International Financial Centre.
The company's statement, which was made after the market closed, also revealed provisions for loss on valuation of properties of Dh65 million, but otherwise "all segments of the business have continued to perform well in line with expectations."
It closed 2.3 per cent higher to 39 fils today.
Dubai shares ended 0.2 down at 1588.11 points and Abu Dhabi's market fell 0.4 per cent at 2675.61 points.
DFM Company fell to its lowest point in more than a month after it reported a near 100 per cent drop in first quarter profit.
Its shares retreated 3 per cent to Dh1.27.
Net income for the quarter ended March 31 was Dh2.18 million, as trading volumes declined amid political unrest in the Middle East.
But Abdul Jalil Yousef Darwish, DFM's chairman, said low trading activities were "purely passing circumstances".
A sell-off across UAE and wider regional bourses has been seen as a correction by fund managers and analysts given the rally following the wave of political turmoil that spread across the region.
Amjad Bakir, the trading manager at Menacorp Alternative Investments, said volumes needed to pick up before any significant move in the market.
"Most investors have seen profit announcements for first quarter as disappointing and the general feeling has been bearish," he said.
"The only steam for the market at the moment is volume," Mr Bakir added.
Doha's market rose 1 per cent to 8,544.18 point, while Kuwaiti shares finished slightly up at 6508.60 point. Saudi shares traded 0.8 per cent higher at 6674.45 points.
