UAE bourses display mixed trends

dubai — The UAE bourses displayed mixed trend on Tuesday as Dubai’s index rose 0.5 per cent to 3,611 points and Abu Dhabi stocks fell 0.5 per cent to 4,474 points. The Dubai index surged as blue chip Emaar Properties added 0.6 per cent and Dana Gas , which had soared 8.1 per cent on Monday after reporting a sharp rise in secondquarter net profit last week, pulled back 4.5 per cent.

Saudi Arabia’s stock market also rose on Tuesday on the back of gains by Al Rajhi Bank and mining firm Ma’aden, while Dubai also outperformed most Gulf bourses although trading was thin. The Saudi stock index climbed 0.4 per cent with Al Rajhi up 2.2 per cent to 65.80 riyals, bringing its gains over the last five days to 4.9 per cent. Of 14 analysts covering the stock, seven rate it a “buy” or “strong buy” and six rate it a “hold”, according to Thomson Reuters data; their median target price is 70.90 riyals. Ma’aden rose 1.8 per cent after international base metal prices surged to multiyear highs overnight.

Maather REIT Fund jumped its 10 per cent daily limit from its initial public offer price to 11.0 riyals upon listing in Riyadh to become Saudi Arabia’s fifth listed REIT.

Its subscription in the IPO had been covered 15.2 times and analysts at NCB Capital had estimated that based on its subscription price of 10 riyals per share, its dividend yield for 2017 would be 7.2 per cent. Three other REITs were among the 10 most actively traded stocks and swung widely, although they closed lower. Al Jazira Mawten REIT fell 2.2 per cent.

In Egypt, the index edged up 0.1 per cent. GB Auto climbed 3.9 per cent. — Reuters