Fourth consecutive weekly rise for Dubai, Abu Dhabi stocks

Stocks in Dubai and Abu Dhabi rounded off their fourth consecutive week in the green, even as both bourses went through sell-offs on Thursday.

The Dubai Financial Market General Index ended the day 0.7 per cent lower at 3,355.24 thanks to a sharp fall by Dubai Islamic Bank, the index’s third-heaviest weighted stock.

DIB, the UAE’s largest Sharia-compliant lender, plunged 6.6 per cent to Dh6.05, the sharpest one-day fall in over a year.

Drake and Scull International and Emaar Properties were the pick of a handful of gainers, rising by 1.8 per cent and 1.8 per cent respectively.

Arabtec Holding shares rose 0.5 per cent to Dh1.74, after the company announced it had secured a Dh1.1 billion contract for the construction of a 50-storey twin-tower residential development in Dubai.

Shares in the capital fell for the first time in nine days, thanks to falls by the big-name stocks Etisalat and FGB. The Abu Dhabi Securities Exchange General Index closed down 1.8 per cent at 4,499.90,

Etisalat shares suffered their worst day in over three months, closing down 3.9 per cent at Dh18.10, after the telco’s group chief executive Ahmad Julfar resigned “for personal reasons”.

FGB, the heaviest weighted stock on the index, fell 1.8 per cent to Dh13.

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