Dubai, Qatar bourses rise but Abu Dhabi weighed by blue chips

Stock markets in Dubai and Doha rose in early trade on Sunday, with most activity concentrated in volatile mid-cap stocks, while Abu Dhabi’s index fell as investors booked profits. Dubai’s index jumped 1.4 per cent in the first hour. GFH Financial Group, a mid-sized Islamic investment firm, was the most traded stock, rising 1.1 per […]

Stock markets in Dubai and Doha rose in early trade on Sunday, with most activity concentrated in volatile mid-cap stocks, while Abu Dhabi’s index fell as investors booked profits.

Dubai’s index jumped 1.4 per cent in the first hour. GFH Financial Group, a mid-sized Islamic investment firm, was the most traded stock, rising 1.1 per cent. Dubai Parks , the amusement park builder, surged 7.1 per cent in unusually heavy trade.

“So far institutional investors have taken the back seat, carefully monitoring the swings in the smaller, more volatile stocks,” said a Dubai-based trader.

In Abu Dhabi, the benchmark fell 0.5 per cent. Developers Eshraq Properties and RAK Properties each shed more than 1.0 per cent.

Blue chips Abu Dhabi Commercial Bank and Etisalat dropped 4.6 and 0.8 per cent respectively, but the largest listed lender by market value, First Gulf Bank, added 1.5 per cent.

Qatar’s index edged up 0.3 per cent as Ezdan Holding added 1.9 per cent. Barwa Real Estate and Mazaya Qatar Real Estate each rose more than 0.5 per cent.

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Source: Business

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