The week ends with mixed re­sults

The National - News - Business - - The Markets - Mah­moud Kassem mkassem@thena­

UAE stocks were mixed yes­ter­day amid slow trade in the fi­nal day of a week when many traders were off on ac­count of the Eid Al Fitr break.

Stocks in ex­changes in Dubai and Abu Dhabi took dif­fer­ent di­rec­tions.

The Dubai Fi­nan­cial Mar­ket Gen­eral In­dex rose about 0.4 per cent to 3,392.00, led by the con­struc­tion com­pany Arabtec. Mean­while, the Abu Dhabi Securities Mar­ket In­dex fell nearly 0.6 per cent to 4,425.40, dragged down by First Abu Dhabi Bank.

Arabtec ral­lied 4.4 per cent to Dh2.87. The com­pany re­cently com­pleted a 1.5 bil­lion dirham rights is­sue to shore up its fi­nances. First Abu Dhabi Bank, the big­gest pub­licly traded lender in the UAE, de­creased 1.4 per cent Dh10.5. About Dh217.0 mil­lion worth of shares changed hands on the Dubai Fi­nan­cial Mar­ket com­pared with the 50day av­er­age of Dh373.4m; on the Abu Dhabi Securities Mar­ket about Dh119.2m of eq­ui­ties traded com­pared with the 50-day av­er­age of Dh175.7m, ac­cord­ing to Bloomberg.

Yes­ter­day was the last trad­ing day of the sec­ond quar­ter in the UAE. For the quar­ter, the Dubai in­dex lost 2.5 per cent and the Abu Dhabi in­dex 0.4 per cent. For the year, they are down 3.9 per cent in Dubai’s case and 2.7 per cent in Abu Dhabi’s.

Mark Car­ney, the governor of the Bank of Eng­land, said yes­ter­day that in­ter­est rates may need to start ris­ing, prompt­ing gains in stocks and other as­sets. In­vestors took the com­ments as ev­i­dence the global econ­omy re­mains on a firm enough foot­ing to with­stand a slow with­drawal of stim­u­lus.

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