UAE investors cash in after Abu Dhabi stocks rally

Markets Wrap: The Abu Dhabi Securities Exchange posted moderate gains as investors bought telecoms and banking shares, while others sought to cash in profits from Monday's rally.

The ADX General Index rose by 0.2 per cent. Ravindranath K / The National

The Abu Dhabi Securities Exchange (ADX) posted moderate gains as investors bought telecoms and banking shares, while others sought to cash in profits from Monday's rally.

"There is some profit-taking, it's healthy," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.

"The UAE market has not recovered from the crisis yet and still has a long way for upside."

The ADX General Index rose 0.2 per cent to close at 2,773.95 points. The benchmark is up 5.4 per cent so far this year.

Etisalat, which holds the heaviest weighting on the emirate's index, advanced 0.5 per cent to Dh9.40. Abu Dhabi Islamic Bank, the biggest lender complying with Sharia rules, gained 0.9 per cent to Dh3.28. Aldar Properties, the developer behind Yas Island and Ferrari World, slipped 0.6 per cent to Dh1.61. Aldar's shares rallied 4.5 per cent on Monday as Abu Dhabi's planned Dh330 billion spending plans boosted the sluggish property market.

The market traded Dh177.6 million compared with the 50-day average of Dh110.1m.

The Dubai Financial Market General Index was little changed, down 0.07 per cent, to 1,734.62 amid lacklustre international markets.

Elsewhere, Kuwait's measure added 0.1 per cent to 6,116.60; Bahrain's benchmark was little changed at 1,073.77; Oman's MSM 30 Index slipped 0.2 per cent to 5,836.79; Qatar's QE Index fell 0.9 per cent to 8,557.96.

The Saudi Tadawul All-Share Index slipped 0.98 per cent to 7,018.52.