Dubai's index slipped yesterday amid a lack of appetite for riskier assets from institutional investors, as retail investors focused on buying up small-cap stocks.
Tamweel, the Islamic mortgage company, jumped 3.5 per cent to Dh1.18. Tabreed, the district cooling company, advanced 1.6 per cent to Dh1.21.
"These stocks have been falling for two weeks and now we are seeing a rebound, helped by retail investors," said Nabil Farhat, a partner at Al Fajer Securities, a stockbrokerage in Abu Dhabi. "From a technical point of view, its time to get in now that they have reached a bottom."
Dubai Islamic Bank - which has the second-heaviest weighting on Dubai's index at 12.81 per cent - fell 1 per cent to Dh1.96.
The Dubai Financial Market General Index ended 0.1 per cent lower to 1,589.48.
Abu Dhabi's biggest property developers, Aldar and Sorouh, slipped yesterday as investors awaited cues on an upcoming potential merger.
Aldar, which developed Yas Island and Ferrari World, lost 0.7 per cent to Dh1.27.
Sorouh, the developer behind Reem Island's Sun and Sky Towers, lost 0.8 per cent to Dh1.24.
"We seem to have run out of momentum, which means investors have given up on an imminent announcement over the merger," said Julian Bruce, the director of institutional sales trading at EFG Hermes in Dubai. "Investors aren't expecting a great deal before year end."
Etisalat, which holds the heaviest weighting on Abu Dhabi's index at 30.73 per cent, rose 0.2 per cent to Dh9.09.
The Abu Dhabi Securities Exchange General Index was little changed, up 0.02 per cent, to close at 2,611.35 points.
halsayegh@thenational.ae
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
'Cheb%20Khaled'
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
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