Gulf stocks edge up in quiet trade on positive global cues

Gulf stock markets edged up early Sunday in response to a positive global trend, though trading volumes were moderate.

The Dubai index climbed 0.5 percent as the most heavily traded stock, GFH Financial, added 2.0 percent. The company said it had agreed to acquire an industrial real estate portfolio in the United States in a deal worth $125 million — potentially a fresh sign that it is putting its debt restructurings behind it.

Abu Dhabi gained 0.4 percent as telecommunications blue chip Etisalat, which has gained 22 percent since late August, added 1.0 percent to 15.30 dirhams.

Five analysts rate the stock a “buy” or “strong buy” and four a “hold”; their median target price is 14.60 dirhams, according to Thomson Reuters data. The company opened its shares to buying by foreign and institutional investors on Sept. 15 and may eventually become part of MSCI’s emerging market index.

source: Reuters