Calm week for UAE stock markets

UAE markets ended the week flat on Thursday, although Abu Dhabi’s index managed to rise for a fourth consecutive week. The ADX slipped 0.07 per cent, but eked out a gain for the week of 0.08 per cent. With one trading day left in July, the gauge is up 2.1 per cent for the month. […]

UAE markets ended the week flat on Thursday, although Abu Dhabi’s index managed to rise for a fourth consecutive week.

The ADX slipped 0.07 per cent, but eked out a gain for the week of 0.08 per cent. With one trading day left in July, the gauge is up 2.1 per cent for the month.

Dubai’s benchmark was up 0.2 per cent but for the week lost 0.7 per cent, ending a streak of three winning weeks. The DFM index is up 6.2 per cent for the month so far.

In the capital, the market heavy­weight Etisalat was up 0.2 per cent. The telecoms com­pany reported a 51 per cent rise in its second-quarter net profit on Wednesday to Dh2.3 billion.

Meanwhile, stocks of National Bank of Abu Dhabi were down 1.6 per cent. The bank’s net income slipped 4.8 per cent in the three months to June 30 to Dh1.3bn versus Dh1.4bn in the same period last year.

In Dubai, Aramex was the biggest gainer on Thursday. The courier company reported a 36 per cent rise in second-quarter net profit to Dh125.7m compared to Dh92.5m in the same period a year ago. Its shares rose 3.6 per cent.

Meanwhile, Egypt’s benchmark built on Wednesday’s rally of 4.9 per cent on a potential loan from the IMF. The Arab world’s most populous nation is seeking to secure US$12bn to mend its ailing economy.

The EGX30 price index was up 1.4 per cent. The gainers were led by Commercial International Bank, which rose 4.4 per cent.

business@thenational.ae

Follow The National’s Business section on Twitter

Source: Business

Leave a Reply

Your email address will not be published. Required fields are marked *