Investors await Q2 earnings

Dubai’s shares dropped for the second time in three days to 1,498.16 as investors continue to assess their positions ahead of second-quarter earnings. Among the gainers, Al Madina rose 5.20 per cent to close at Dh0.789, followed by Al Salam Bank by 3.66 per cent to Dh0.425, and Tamweel by 0.78 per cent to Dh1.30. Among the losers, Aman fell 2.97 per cent to Dh0.98, followed by Salama by 2.67 per cent to Dh0.657, and Takaful-EM by 2.52 per cent to Dh0.541. Of the 25 companies traded, four rose, 17 declined and four remained unchanged.About 88.62 million shares worth Dh118.29 million were traded yesterday. DFM index has surged 10.70 per cent so far this year and rose 3.19 per cent for the month. “Traders in the UAE are still hitting the bench,” Talal Touqan, Abu Dhabi-based head of research at Al Ramz Securities, said. “The earnings season would represent a great opportunity to reinvest in selected companies.” Abu Dhabi stocks The Abu Dhabi Securities market (ADX) index rose 0.11 per cent to close at 2,475.11 points. Consumer staples, banks and telecommunication sectors lifted the index. Of the 23 companies traded, seven rose, six declined and 10 closed unchanged. About 22.65 million shares worth Dh45.90 million were traded yesterday. Among the gainers, RAK Bank rose 1.30 per cent to close at Dh3.90, followed by Agthia by 1.02 per cent to Dh1.99, and Abu Dhabi Islamic Bank by 0.98 per cent to Dh3.13. Among the losers, Umm Al Quwain Cement Industries Co lost 5.33 per cent to Dh0.71, followed by RAK Cement Co by 4.23 per cent to Dh0.69, and Green Crescent Insurance Company by 3.57 per cent to Dh0.27. ADX index has surged 3.03 per cent so far this year and rose 1.12 per cent for the month. “There is potentially a mini rally on the cards before Ramadan starts, but all this depends on second-quarter results,” a trader said. from gulfnews.com