Quiet week closes on a dip in UAE

The National - News - Business - - The markets - John Ever­ing­ton jev­er­ing­[email protected]­ational.ae

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.

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