UAE stocks edge up in line with global equities

Stock markets in the United Arab Emirates inched higher early Tuesday in line with stronger global equities, while Qatar was mixed in a narrow band.

Dubai’s index added 1.1 percent as all 10 of its most heavily traded stocks rose. HITS Telecom was the most active stock, surging 4.1 percent.

Du, the UAE’s second biggest telecoms operator, slipped 0.4 percent after missing estimates with a 12.3 percent fall in third-quarter net profit to 489.8 million dirhams ($133.4 million). Two analysts polled by Reuters had on average forecast 521.3 million dirhams.

Abu Dhabi climbed 0.8 percent as Aldar Properties gained 3.0 percent. Qatar’s index was flat.

Source: Reuters