Stock markets in the United Arab Emirates inched down in early trade Monday as investors booked profits in mid-cap stocks, while Qatar edged up, supported by Gulf International Services.
Dubai’s index edged down 0.3 percent with 14 stocks falling and 12 rising. Drake and Scull, which has been attracting large volumes over the last five trading sessions, fell 1.4 percent; the builder has jumped over 40 percent from a record low in mid-January.
But builder Arabtec jumped 8.7 percent and made up three-fifth of total volumes traded.
“Now it is about momentum trading in select stocks,” said Muhammed Shabbir, head of equities funds at Dubai-based Rasmala.
Abu Dhabi’s benchmark slid 0.1 percent with investors booking profits in mid-tier real estate companies Eshraq Properties and RAK Properties.
The two most traded shares – which are individually up by more than 25 percent this month – each dropped more than 1.0 percent in early trade. Blue chip banking stocks were dormant, with only Abu Dhabi Commercial Bank adding 1.3 percent in modest volume.
In Qatar the stock index added 0.5 percent in the first 15 minutes of trade with oil rig provider Gulf International Services, the most traded stock, adding 1.4 percent.
Source: Reuters
