UAE bourses extend gains

The Abu Dhabi Securities Exchange (ADX) rose 0.25 per cent to 2,715.06. Etisalat, the UAE's largest telecommunications provider by market value, again weighed on earnings but gains were posted in every other sub-index except services stocks, which ended flat. Real estate developer Aldar Properties added 2.34 per cent to Dh1.32, Sorouh jumped 2.36 per cent to Dh1.30 and Methaq Takaful Insurance Company rose 7.25 per cent to Dh1.51. Green Crescent Insurance Company led gains on a quiet day of trading in the capital, adding 8.2 per cent to Dh0.67. Bank of Sharjah rose 1.59 per cent to Dh1.90 and Ras Al Khaimah Cement Company jumped 4.71 per cent to Dh0.9. Oil prices were steady, supported by firmer share markets, with trade muted due to the Independence Day holiday in the United States. European stocks climbed higher while emerging shares rose nearly one per cent, helped by Shanghai stocks, which hit a six-week peak. Article continues below Of the 27 companies traded, 17 rose, six fell and four closed unchanged. Some 81.6 million shares worth Dh108.7 million were traded. Elsewhere in the region, Saudi Arabia's Tadawul All Share Index slipped 0.52 per cent to 6,625.87 and Kuwait's index gained 0.35 per cent. Qatar's measure, Bahrain's bourse and Muscat's exchange were all little changed. Dubai The Dubai Financial Market (DFM) General Index extended gains on Monday to close at an almost two week high as investors turned their attention to so-called "defensive stocks". The bourse climbed 0.15 per cent to 1,555.59 with logistics firm Aramex and Sharjah-based low budget carrier Air Arabia among the most heavily traded shares. However, upward movement was limited as property and construction companies weighed on earnings. Global markets also performed resolutely despite a warning from ratings agency Standard & Poor's that current proposals for restructuring Greece's debt would effectively constitute a default. The Greek Parliament approved tough austerity measures last week to secure further financial aid from the European Union and International Monetary Fund. "It was a pretty flat performance from markets across the board," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. "Investors are waiting for a cue from the US — the Dow Jones was closed yesterday for US Independence Day — and overall it was a pretty uneventful day," he added. Bellwether Emaar Properties slipped 1.28 per cent to Dh3.09 and construction firm Arabtec dropped 0.76 per cent to Dh1.31. However, those losses were countered by logistics firm Aramex, which gained 0.56 per cent to Dh1.81 and Islamic mortgage provider Tamweel, which jumped 0.91 per cent to Dh0.89.