Gulf markets inches up; Abu Dhabi recovers slightly

Published: November 29, 2018 16:14:52 | Updated: December 22, 2018 11:37:41

Major Gulf markets inched up in quiet trade early on Thursday, getting only a minor boost from Wall Street’s sharp rally because oil prices remain low.

The Abu Dhabi stock market recovered some losses early on the day as blue chips rebounded. Abu Dhabi’s index added 0.5 per cent, after falling 1.6 per cent in the last session, reports Reuters.

First Abu Dhabi Bank, the largest lender in the United Arab Emirates, gained 1.1 per cent and Aldar Properties increased 1.9 per cent.

Saudi Arabia’s index inched up 0.3 per cent in the first hour, with Saudi Basic Industries rising 0.7 per cent and Alinma Bank adding 0.8 per cent.

Anaam International Holding rose 3.2 per cent after appointing Nawaf Bin Abdullah Bin Turki Al Saud as its chairman.

Maather REIT Fund rose 1.0 per cent after it acquired real estate assets and utility contracts for about 552 million riyals ($147 million).

The Dubai index slid 0.3 per cent to trade down for a sixth straight day as real estate firms continued to drag on the market. DAMAC Properties dropped 2.1 per cent and Emaar Properties lost 0.2 per cent.

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