Shares in the UAE led modest losses across the Arabian Gulf yesterday, following global bourses lower.
Japanese stocks fell for a third day and Australia’s index ended a winning streak after the S&P 500 on Wednesday closed below a key technical level for the first time since Election Day.
The Dubai Financial Market General Index followed suit, closing 0.9 per cent lower yesterday at 3,509.34, dragged down by Emaar Properties. The developer’s shares closed down 1.4 per cent at Dh7.25 apiece, with Dubai Investments and Emaar Malls also finishing lower.
Arabtec Holding shares finished 2.4 per cent lower at 89.8 fils each, after the construction company announced further details on its recapitalisation programme.
Dubai Islamic Insurance was the sole gainer on the emirate’s headline index, closing up 0.5 per cent at 86 fils a share.
The Abu Dhabi Securities Exchange General Index closed down 0.8 per cent at 4,518.14, with trading volumes more than 50 per cent lower than the index’s daily average for the past six months.
First Abu Dhabi Bank (ticker: NBAD) closed down 1.4 per cent at Dh10.65, its sixth straight negative close. Aldar Properties and ADCB ended down 1.8 per cent and 1 per cent, respectively.
ADIB and Bank of Sharjah led gainers, rising 1.1 per cent and 1.5 per cent.
Shares in Saudi Arabia were little changed on the day, following the completion of its debut $9bn sukuk issuance.
The Tadawul finished down 0.3 per cent, with gains by Saudi Arabian Fertilizer and Saudi Kayan Petrochemical cancelled out by falls by NCB and Banque Saudi Fransi.
jeverington@thenational.ae
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