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Property props up Dubai stock market

Property props up Dubai stock market

The index has risen only 0.3 per cent this year, while it has lost 7.7 per cent since the beginning of May

Dubai’s stock market opened higher on Monday, bolstered by its property shares, while major Gulf markets moved sideways.

The Dubai index edged 0.6 per cent higher, supported by its real estate stocks. Deyaar Development rose 2.5 per cent while Union Properties gained 2.7 per cent.

The index has risen only 0.3 per cent this year, while it has lost 7.7 per cent since the beginning of May amid low trading during the Muslim holy month of Ramadan and as geopolitical tensions rise.

US President Donald Trump issued a new threat to Tehran, tweeting that a conflict would be the “official end” of Iran. This follows last week’s drone strikes on oil facilities in Saudi Arabia and the sabotage of oil tankers off the coast of the United Arab Emirates.

Islamic Arab Insurance and Shuaa Capital added 3 per cent and 2.1 per cent, respectively. The latter confirmed it is progressing with a potential deal with Abu Dhabi Financial Group. DXB Entertainments rose 4.7 per cent and was the biggest gainer on the index. Shares of the amusement park operator have fallen 21.8 per cent year-to-date.

Abu Dhabi’s index slipped 0.4 per cent, with Axa Green Crescent Insurance Co shedding 10 per cent and Gulf Medical Projects Co dipping 3.3 per cent. The latter posted a 28.3 per cent fall in its net profit for the first quarter.

Saudi’s index slipped 0.1 per cent. Market heavyweights Saudi Industrial Investment Group and Saudi Basic Industries Corp (SABIC) dipped 2.1 per cent and 0.4 per cent, respectively.

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