UAE shares shrugged off modest early gains yesterday as buying power on the country’s two main stock exchanges remained in short supply.
The Dubai Financial Market General Index rose by 1.5 per cent during the first hour of trading, before closing up just 0.47 per cent at 3,558.82 on a quiet day of trading.
Shares in Emaar Malls rose by 1 per cent to Dh2.86 after HSBC raised the stock to buy from hold yesterday morning.
However, its parent company Emaar Properties retreated 0.1 per cent to close at Dh6.29.
Emirates NBD and Dubai Parks and Resorts lead the laggers, closing down 1 per cent and 0.8 per cent, respectively.
Abu Dhabi shares meanwhile opened up marginally before closing down 0.5 per cent at 4,386.92, dragged down by banking stocks.
At the other end of the spectrum, RAK Cement and Aldar Properties rose by 4.6 per cent and 1.3 per cent.
Follow The National’s Business section on Twitter