ADX index creeps up but investors remain timid

Shares of UAE traded higher yesterday in absence of trading on the Saudi Tadawul, which was closed for the weekend, brokers said. The Tadawul reached its two year low on Wednesday.

The Abu Dhabi Securities Exchange General Index rose slightly. Philip Cheung / The National
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Abu Dhabi's bourse crept slightly higher on the last trading day of the week even as investors remained timid in light of political developments in the region.

"Some institutional investors are eyeing stocks that are seen to have a resilient outlook and won't carry as much risk given what is happening regionally," said Walid Shihabi, the chief executive of Shuaa Securities in Abu Dhabi.

"There are interesting entry points right now but it is still very timid buying."

The Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2,529.82. Gains were led by Aldar Properties, which advanced 2.3 per cent to Dh1.30 a share, and Sorouh Real Estate, up 2 per cent to Dh1.01.

The Dubai Financial Market (DFM) General Index, fell 1.7 per cent to 1,350.55. Emaar Properties lost 4 per cent to Dh2.40. DFM Company was down 5.1 per cent to Dh1.11 a share and Arabtec Holding declined 4.1 per cent to Dh1.17.

The Saudi Tadawul was closed for the weekend. On Wednesday, the Tadawul All-Share Index reached its lowest since June 2009.

"The fact that we don't have leads from the Saudi market is allowing our local markets to cool down," Mr Shihabi said.

Elsewhere in the region: Kuwait's measure declined 0.1 per cent to 6,147.70; Bahrain's fell 2.3 per cent to 1,377.36; Oman's rose 0.7 per cent to 6,352.23; and Qatar'sfell 1.7 per cent to 7,524.30.