DI provides bright spot for region

Dubai Investments (DI) bucked the broadly negative trend in UAE equities, as investors accumulated shares ahead of an expected first-half net profit of Dh500 million. The Dubai Financial Market General Index declined 0.3 per cent to 1,522.59 on weak volumes but shares of DI, the firm partly owned by Investment Corporation of Dubai, rose 1.95 per cent to 78 fils. The company confirmed the statement of Khaled Kalban, the chief executive of DI, that it is looking to expand and expects to book Dh500m in profit.

Losses in Arabtec Holding and Emaar Properties, which declined 1 per cent and 0.6 per cent to Dh1.95 and Dh3.15 respectively, pulled the index down as regional bourses continued to struggle for traction. "There is hardly any interest in the market," said Hassan Awan, an associate with the asset management division at The National Investors in Abu Dhabi. "Even the positives from crude's rebound and bullish international macroeconomic data has little effect."

The Abu Dhabi Securities Exchange General Index declined 0.2 per cent to 2,527.05, with Dana Gas accounting most of the trade volume. It closed 2.94 per cent lower at 66 fils. Aabar Investments dropped 1.2 per cent to Dh1.60, and Aldar Properties shed 0.3 per cent to Dh3.12. Crude oil for delivery next month rose as high as $75.70 a barrel in electronic trading on the New York Mercantile Exchange, and last traded at $75.45. Elsewhere in the region, markets were mixed. Kuwait shares retreated 1.3 per cent, while Muscat dropped 0.7 per cent.

Qatar was the major gainer yesterday, rising 1.5 per cent, while Saudi shares climbed 1.1 per cent. Bahrain finished up 0.3 per cent. skhan@thenational.ae