The week ends with mixed results
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.