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MIDEAST STOCKS-GFH helps lift Dubai slightly higher in otherwise quiet region
June 28, 2017 / 7:08 AM / 5 months ago

MIDEAST STOCKS-GFH helps lift Dubai slightly higher in otherwise quiet region

DUBAI, June 28 (Reuters) - Shares often traded by short-term speculative investors helped take Dubai’s stock index slightly higher in early trade on Wednesday in an otherwise quiet region, with some major Gulf markets still on Eid al-Fitr holidays.

The Dubai index was up 0.3 percent as GFH Financial , the most heavily traded stock, climbed 4.6 percent on news that it had agreed to exit part of its real estate portfolio, which it said had an “approximate value” of $55 million. The book value of the asset is $20 million.

Builder Drake & Scull was up 1.1 percent but insurer Islamic Arab Insurance dropped 4.1 percent.

In Abu Dhabi, banking shares weighed on the index, which was down 0.2 percent after 50 minutes of trade. First Abu Dhabi Bank <FAB,AD> was down 0.5 percent and Abu Dhabi Commercial Bank fell 1.0 percent.

Kuwait’s index barely moved in very thin trade. The largest logistics company in the Gulf, Agility, was up 0.7 percent but Boubyan Petrochemical was down 0.2 percent.

Markets in Riyadh and Doha remain closed and will resume trading on July 2. (Reporting by Celine Aswad,; Editing by Andrew Torchia and Ed Osmond)

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