Dubai’s bourse edged up in early trade on Thursday on the back of property-related stocks, while Abu Dhabi’s benchmark slipped because of telecommunications firm Etisalat.
The Dubai benchmark added 0.5 per cent in the first hour of trade. Contractor Arabtec dominated turnover, rising 1.5 per cent. Developers Union Properties and Deyaar rose 2.4 and 0.8 per cent respectively.
Abu Dhabi’s largest listed developer, Aldar Properties, gained 0.6 per cent but the emirate’s main index slipped 0.2 per cent as shares in telecommunications firm Etisalat fell 1.7 per cent.
“We had good results from banks and I think people are expecting good results from developers now,” said Sanyalak Manibhandu, manager of research at NBAD Securities.
Aldar is expected to publish its second-quarter results either later on Thursday or next week