Dubai, Qatar stocks rise; Abu Dhabi weighed down by blue chips

Stock markets in Dubai and Doha edged up in early trade Sunday, with most activity concentrated in volatile mid-cap stocks, while Abu Dhabi’s index fell as investors booked profits.

Dubai’s index jumped 1.4 percent in the first hour. GFH Financial Group, a mid-sized Islamic investment firm, was the most traded stock, rising 1.1 percent. Dubai Parks , the amusement park builder, surged 7.1 percent in unusually heavy trade.

“So far institutional investors have taken the back seat, carefully monitoring the swings in the smaller, more volatile stocks,” said a Dubai-based trader.

In Abu Dhabi, the benchmark fell 0.5 percent. Developers Eshraq Properties and RAK Properties each shed more than 1.0 percent.

Blue chips Abu Dhabi Commercial Bank and Etisalat dropped 4.6 and 0.8 percent respectively, but the largest listed lender by market value, First Gulf Bank, added 1.5 percent.

Qatar’s index edged up 0.3 percent as Ezdan Holding added 1.9 percent. Barwa Real Estate and Mazaya Qatar Real Estate each rose more than 0.5 percent.

Source: Reuters