Trading in Gulf markets muted

DUBAI: Trading in Gulf markets were muted yesterday, as investors stayed on the sidelines due to global uncertainty.
Dubai’s benchmark edged up but institutional investors stayed away.
“We are not seeing any institutional investors in the market and individual traders continue to be the major players,” said Samer Al-Jaouni, general manager of Middle East Financial Brokerage.
Emaar Properties advanced 0.4 percent and Dubai Financial Market, the Gulf Arab region’s only listed bourse, added 1 percent. Telecoms firm du gained 1.3 percent.
The index ended 0.4 percent, taking its year-to-date gains to 7 percent.
In Abu Dhabi, property firms Aldar and Sorouh Real Estate gained 1.9 percent and 2 percent respectively.
A three-month deadline to take a decision on a state-backed merger of the two firms ends next week. The companies picked Goldman Sachs and three other banks as financial advisers for the deal last month.
Abu Dhabi’s benchmark advanced 0.07 percent.
Qatar’s index snapped a six session losing streak as it rose 0.2 percent.
Industries Qatar climbed 0.8 percent, while Masraf Al-Rayan gained 0.4 percent to hit a four-week high.
Kuwait’s index resumed its decline, slipping 0.7 percent. The bourse has now ended down in 13 of the last 16 sessions.