UAE markets tick up; Kuwait up after new parliament

UAE markets edge higher with trading volumes focused in Abu Dhabi's real estate sector
By Reuters
Sun 16 Dec 2012 11:40 AM

UAE markets edge higher with trading volumes focused in Abu Dhabi's real estate sector.

Eshraq Properties gains 2.4 percent, accounting for the bulk of trading activity.

Small-cap Eshraq, mainly a focus for retail investors, has risen 34.4 percent so far this year.

Aldar Properties slips 0.8 percent.

Abu Dhabi's benchmark climbs 0.2 percent to 2,616 points, holding onto 8.9 percent year-to-date gains.

Dubai's Gulf Navigation, which accounts for more than 80 percent of volumes, gains 3.7 percent, helping lift the emirate's bourse. The shipping firm will hold a board meeting on Dec. 20.

Dubai's index climbs 0.1 percent to 1,586 points, halting a three-session decline.

Elsewhere, Kuwait's measure advances 0.2 percent to 5,941 points, heading for its sixth gain in the last seven sessions, as the new parliament takes office on Sunday.

The new 15-member government, which was approved by ruling emir Sheikh Sabah al-Ahmad al-Sabah, faces the task of implementing investment plans and economic reforms after years of political turmoil in the Gulf Arab state.

Trading is focused in small-caps, with United Real Estate and Gulf Investment House advancing 4.7 and 1.1 percent respectively.

In Qatar, the index slips 0.1 percent to 8,320 points, while Oman's bourse trades flat.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.