Gulf stocks mixed; Dubai’s Arabtec surges

Stock markets in the Gulf were mixed on Wednesday as Dubai advanced after two of its biggest contractors logged gains, while Qatar edged down in quiet trade.

Dubai’s main index extended gains from yesterday to climb 0.3 percent to 3,506 points. Arabtec Holding surged nearly 11 percent to AED 0.931 after its shareholders approved the company’s capital restructuring plans yesterday.

Drake and Scull International rose nearly 3 percent to AED 0.453. The loss-making construction firm has also laid out restructuring plans.

Emaar Properties added another 1.3 percent to reach AED 7.57. The developer had gained more than 3 percent yesterday after its annual general meeting.

Dubai Investments was among the top decliners as it went ex-dividend. The stock fell 5.1 percent to AED 2.22.

In Abu Dhabi, meanwhile, the general index rose 0.8 percent to 4,532 points. Etisalat rebounded from yesterday’s low and added 1.2 percent at AED 17.65.

Energy firm TAQA jumped 5.7 percent to AED 0.56. The stock has been volatile since the Abu Dhabi government offered support to help the company.

Elsewhere in the region, Qatar’s QE Index fell 0.4 percent 10,296 points, with trading volumes down to QAR 176.6 million.

Saudi Arabia’s Tadawul All Share Index was last trading down 0.3 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com