UAE equities edge up as retail investors eye banks

Dubai: Abu Dhabi's main index closed 0.04 per cent up to 5,003.48 points led by gains in Sorouh Real Estate and Aabar Petroleum shares, which rose 0.31 per cent and 4.60 per cent respectively.

Dubai's main measure advanced 0.18 per cent to 5,372.46 points, led by Arabtec and Deyaar, which rose 1.4 per cent and 0.98 per cent respectively.

Shares of Invest Bank surged 10 per cent on the Abu Dhabi index.

"The stock has been oversold for a couple of weeks. It's up on one trade of 28,000 shares," said Mohammad Al Ami at Naeem Shares and Bonds.

Shares of Union National Bank rose 1.66 per cent.

"Its all part of the pattern of volatility Abu Dhabi has witnessed over the last few days," Al Ami said.

In Dubai, shares of Ajman Bank were up 11.58 per cent, driven by retail buying, said Amr Diab at EFG-Hermes.

Meanwhile, Oman's main measure slipped 0.7 per cent to 11,857.37 points, led by Omantel, which declines 0.7 per cent and Oman International Bank, which fell 0.15 per cent.

Kuwait's index declined for a sixth trading day, falling 1.95 per cent to 14,776.50 points led by Zain, which fell 3.9 per cent.