Quiet week closes on a dip in UAE
Shares in the UAE closed slightly lower yesterday, rounding off the quietest week of trading of the month.
Saudi shares made gains, despite falling oil prices.
Brent crude futures fell by as much as 2.2 per cent to US$50.68 a barrel yesterday, as rising gasoline stocks took the shine off a report by the Energy Information Administration showing lower than expected US crude inventories.
The Dubai Financial Market General Index rounded off a quiet week, closing the day down by about 0.6 per cent at 3,416.71, due to last-minute drops by Dubai Investments and DIB.
Emaar Malls led the sell-off, falling 4.8 per cent to Dh2.57. Emirates NBD led gainers on the index, ending up 0.7 per cent at Dh8.26, its third consecutive day in positive territory. The Abu Dhabi Securities Exchange General Index ended the day 0.6 per cent lower at 4,512.91, dragged by Etisalat. The telco’s shares closed down 2.2 per cent at Dh17.45, erasing gains following the release of positive first-quarter results on Tuesday.
ADCB and Aldar Properties also ended the day lower. First Abu Dhabi Bank led gainers, rising 0.5 per cent to Dh11. For the week, the Dubai benchmark lost 1.5 per cent and the Abu Dhabi gauge shed 0.2 per cent. On the Saudi market, the Tadawul closed up 0.4 per cent thanks to gains by Sabic and Al Rajhi Bank.
Alawwal Bank rose strongly for a second straight day on merger talks with Saudi British Bank, closing up 2.6 per cent. The latter’s shares trimmed yesterday’s gains, finishing down 1.3 per cent.
The Qatar Exchange led losses across the region, finishing 1.1 per cent lower on falls by QNB and Industries Qatar.