Greece buoys UAE stocks as investors eye Iran after positive signs on nuclear deal

Dubai index jumps nearly a per cent in trade, while Abu Dhabi index ends a half a per cent higher

Published: 17:36 July 13, 2015

By Siddesh Suresh Mayenkar, Staff Reporter

Dubai: Buoyed by positive news over the Greece deal, the UAE stock indices jumped on Monday even as investors eyed the Iranian talks over lifting up of sanctions in return of limits on its nuclear programme.

Greece won conditional agreement to receive a possible $95 billion (Dh348.93 billion) over three years, along with an assurance that Eurozone finance ministers would start discussing ways to bridge a funding gap until a bailout — subject to parliamentary approvals — is finally ready.

“The situation in Greece looks much better, so that has helped our markets,” said Mohammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank. The Dubai Financial Market General Index ended 0.94 per cent higher at 4,052.97, after rising as much as 4,066.92.

Emaar Properties ended 2.11 per cent higher at Dh7.76, while Amlak Finance ended 0.76 per cent lower at Dh2.60. Union Properties ended 2.56 per cent higher at Dh1.20.

“Long and medium term traders are advised to stay on the side until clear trend reversal signs become visible where only a surge beyond Dh1.49 is capable of aligning the outlook to bullish,” Menacorp said in a note to clients.

Out of a total of 35 stocks traded on the exchange, shares of 26 firms rose, while 6 stocks fell.

Abu Dhabi Securities Exchange General Index ended 0.57 per cent higher at 4,757.74.

“The short term trend is developing in a healthy way but yet market players should also have their exit level below 4690 in case sellers took over control,” Menacorp added.

Abu Dhabi Commercial Bank ended 1.45 per cent higher at Dh7.71, while etisalat ended 1.78 per cent higher at Dh14.30. Aldar Properties ended 0.77 per cent higher at Dh2.63.

“It would be very slow week as people are away on holidays. Going ahead investors will be watching out for banking results among other things,” said Shabbir. Trading has been slow due to Ramadan. Volumes in Dubai has almost halved from Dh1.5 billion a few weeks ago.

Elsewhere in Saudi, the Tadawul index ended 0.18 per cent higher at 9,269.78.

“The Saudi market has been on a back burner now. Market there is waiting for news on Iran front for further direction,” Shabbir said.

Saudi Basic Industries ended 0.13 per cent higher at 100.50 Saudi Riyals.

Alinma Bank ended 0.18 per cent lower at 22.80 Saudi Riyals.

Qatar Exchange Index ended 0.36 per cent higher at 11,938.42, while Muscat Securities MSM 30 index ended 0.32 per cent higher at 6,479.

Kuwait Stock Exchange index ended 0.47 per cent at 6,202.84. Bahrain bourse all share index ended 0.26 per cent higher at 1,334.89.

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