Turbulent times make for timid trading

Market Wrap: Shares of UAE companies rose higher in absence of trading on the Saudi Tadawul, which was closed for the weekend today. Yesterday the Tadawul reached its two year low- with video.

Abu Dhabi's bourse crept slightly higher as investors remained timid in light of political developments in the region.

"Some institutional investors are eyeing stocks that are seen to have a resilient outlook and wont carry as much risk given what is happening regionally," said Walid Shihabi, chief executive of Shuaa Securities in Abu Dhabi. "There are interesting entry points right now but its still very timid buying," Mr Shihabi said.

The Abu Dhabi Securities Exchange General Index added 0.1 per cent to 2529.82 points. Gains were led by Aldar Properties, which added 2.3 per cent to Dh1.30 a share, and Sorouh Real Estate which added 2 per cent to Dh1.01 a share.

The Dubai Financial Market General Index, lost 1.7 per cent to 1350.55 points. Yesterday the benchmark hit a 7-year low. Emaar Properties lost 4 per cent to Dh2.40. Dubai Financial Market Company lost 5.1 per cent to Dh1.11 a share. Arabtec Holding declined 4.1 per cent to Dh1.17.

The Saudi Tadawul was closed for the weekend. Yesterday The Tadawul All-Share Index reached its lowest level in almost two years. "The fact that we don't have leads from the Saudi market is allowing our local markets to cool down," he said.

Elsewhere in the region, Kuwait's measure declined 0.1 per cent to 6147.70. Bahrain's index lost 2.3 per cent to 1377.36. Oman's measure added 0.7 per cent to 6352.23. Qatar's index lost 1.7 per cent to 7524.30.