Arabtec leads gains on DFM

The National - News - Business - - The Markets - John Ever­ing­ton jev­er­ing­[email protected]­

UAE shares were mixed yes­ter­day, on a quiet day for bourses across the Ara­bian Gulf.

The Dubai Fi­nan­cial Mar­ket Gen­eral In­dex was lit­tle changed for the sec­ond day in a row, clos­ing about 0.1 per cent higher at 3,438.83.

Shares in Arabtec Hold­ing led gains, clos­ing up about 4.2 per cent at 90 fils, their high­est level in a week. Emaar Malls and Emi­rates NBD were among the other gain­ers, clos­ing 1.1 per cent and 0.9 per cent higher, re­spec­tively. Mashreq erased much of Tues­day’s gains, fall­ing 8.2 per cent to Dh76 yes­ter­day. Emaar and Aramex also experienced small sell-offs. Shares in Abu Dhabi lost ground in af­ter­noon trad­ing, clos­ing 0.5 per cent lower at 4,541.04.

First Abu Dhabi Bank fin­ished 2.2 per cent lower at Dh10.95, eras­ing most of the gains of the pre­vi­ous two days.

Shares in Eti­salat fin­ished up 1.1 per cent at Dh17.85, af­ter the op­er­a­tor on Tues­day an­nounced a 5 per cent in­crease in first-quar­ter profit.

In Saudi Ara­bia, the Tadawul ended the day marginally higher as merger talks be­tween Alawwal Bank and Saudi Bri­tish Bank bol­stered fi­nan­cial stocks.

Alawwal and Saudi Bri­tish closed up 8.3 per cent and 4 per cent, re­spec­tively, fol­low­ing the con­fir­ma­tion of merger talks that would cre­ate the sev­enth largest bank by mar­ket value in the Ara­bian Gulf. Sabic and Yanbu Na­tional Petro­chem­i­cal dragged on the Tadawul, as crude oil prices drifted lower.

Brent crude was at US$51.61 a bar­rel in af­ter­noon trade.

Oman’s Mus­cat Se­cu­ri­ties MSM 30 led gains across most of the region, fin­ish­ing up 0.8 per cent bol­stered by in­creases for shares in Bank So­har and Na­tional Bank of Oman.

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