Muted trade on UAE bourses

Gulf General Investment Company (GGICO) and Tabreed were the big winners on the Dubai Financial Market on Thursday on an otherwise lacklustre day of trading.

Shares in GGICO, the construction and real estate services company, were the best performing on the DFM, rising 9.4 per cent to Dh1.04.

Tabreed shares registered a second consecutive day of strong gains, closing up 5.4 per cent to a seven-month high of Dh1.55.

The DFM General Index ended the day barely changed, rising by just 0.1 per cent at 4,072.68.

“There was some support for MSCI-related index names, but [at the] end of the week retail investors were happy to just take a bit of profit on midcap real estate sector stocks,” said Julian Bruce, the head of institutional trading at EFG-Hermes in Dubai.

Shares in Drake & Scull International were the main losers, after the contractor posted lower revenues and profits for the first quarter. The company’s shares closed down 3 per cent at 80 fils a piece.

Sentiment was similarly muted in the capital, with the Abu Dhabi Securities Exchange General Index rising 0.3 per cent to 4,629.99.

Shares in Aldar Properties rose 2.5 per cent in early trading after the company reported better than expected first quarter profits, before closing up just 0.3 per cent at Dh2.8.

Dana Gas was one of the best performers of the day, rising 2.2 per cent to 45 fils.

Financial services stocks were the other main gainers of the day, with ADCB, FGB, NBAD and Waha Capital all ending the day fractionally in the black.

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