Arabtec leads gains on DFM
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.