Arab Today, arab today abu dhabi property stocks rebound
Last Updated : GMT 23:08:12
Arab Today, arab today
Arab Today, arab today

Abu Dhabi property stocks rebound

Arab Today, arab today

Arab Today, arab today Abu Dhabi property stocks rebound

Abu Dhabi - Arabstoday

Abu Dhabi\'s property stocks extended gains in a slight rebound from Tuesday\'s all-time lows but trading was muted and most markets were near-flat. Aldar Properties gained 2 percent while Sorouh Real Estate was given back earlier gains to trade flat. Abu Dhabi\'s benchmark climbed 0.2 percent to 2,449 points, up from a 30-month low as bottom-fishing lifts battered stocks. \"In the UAE there is no investor interest - whatever foreign money it had, evaporated and the market has been falling on thin volumes,\" said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain. \"Although there are a few individual stock picks, and valuations look cheap at these levels, there seem to be no positive triggers.\" Dubai\'s index eased 0.03 percent to 1,363 points, edging towards Tuesday\'s seven-month lows. In Qatar, shares in Qatar Islamic Bank (QIB) gained 0.5 percent after its quarterly net profit beat estimates. It reported a 33.6 percent jump in net profit backed by strong investment income growth. Qatar\'s benchmark slipped 0.2 percent to 8,362 points, down for a third-day. Oman and Kuwait\'s markets traded flat and trading is muted across the Gulf as risk appetite is low ahead of the weekend. Investors remained cautious ahead of a European leaders\' summit on Sunday with little hopes of a quick resolution to the eurozone debt crisis.

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