Flat trade on UAE stock markets

Shares in Abu Dhabi and Dubai ended flat on Thursday as investors booked gains while looking forward to further earnings results next week.

The capital’s headline index fell about half a per cent in the opening hour of trading before rallying to end less than 0.1 per cent lower at 4,899.79 – its first negative close in nine days.

Shares in Dubai opened slightly down, crept into positive territory in the afternoonand retreated to also end down less than 0.1 per cent at 4,201.20.

“There was a general lack of direction today at the end of a good week, and we saw people taking their risk money off the table ahead of more results announcements next week,” said Sanyalak Manibhandu, the research manager at NBAD Securities.

Abu Dhabi Islamic Bank rose 0.7 per cent to Dh5.26, following a 10 per cent rise in profit for the second quarter and the announcement of dates for its upcoming Dh504 million rights issue.

The index heavyweight Etisalat closed up 0.3 per cent at Dh14.75. The telecoms company’s shares are up 9.3 per cent for the month.

FGB, which is due to announce second-quarter results next week, closed unchanged at Dh15.50, having gained 4.7 per cent over the past two weeks.

Aldar Properties fell 1.4 per cent to Dh2.73.

Deyaar Development and Emirates NBD led gains among Dubai blue chips, closing up 1.9 per cent and 1.4 per cent respectively.

Arabtec Holding was the main lagger, dropping 1.9 per cent at Dh2.49.

Emaar Malls lost 1.51 per cent at Dh3.27, despite announcing a 43 per cent increase in quarterly profit.


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