Mixed day for Gulf stocks

UAE shares drifted lower on Thursday on a mixed day for Arabian Gulf equities as European stocks lost a little ground.

The Euro Stoxx 50 was about 0.3 per cent lower late on Thursday afternoon. The FTSE 100 was down about 0.4 per cent after the pound slipped against the US dollar.

Arabian Gulf bourses were a mixed picture on Thursday. Bloomberg’s GCC 200 Index finished 0.2 per cent lower, even as bourses in Oman, Bahrain and Kuwait eked out minor gains.

Shares in Dubai ended a busier than average trading session virtually unchanged, closing off less than 0.1 per cent at 3,544.21.

Laggers outnumbered gainers in Dubai, led by Arabtec, which closed down 2.5 per cent at Dh1.52. Emaar Malls shares closed down 1.3 per cent, as the malls operator prepares to release second-quarter results.

Dubai Parks and Resorts and Air Arabia were the pick of the gainers, closing up 3.7 and 2.9 per cent, respectively.

Mashreq shares remained unchanged at Dh69.95, the day after Dubai’s third largest lender announced a 16 per cent drop in second-quarter profit.

Shares in the capital drifted lower throughout the day, the Abu Dhabi Securities Exchange General Index ending 0.4 per cent lower at 4,589.84.

The heavyweight names FGB and NBAD acted as an anchor on the index, closing down 1.2 and 1.9 per cent, respectively.

ADCB and Aldar led gains, rising 0.9 and 0.3 per cent, respectively.

Doha’s Qatar Exchange finished 0.5 per cent lower, while Saudi Arabia’s Tadawul ended off 0.4 per cent.


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