UAE equities bounce back

UAE shares closed in positive territory on Wednesday, despite a fresh fall in oil prices, as European markets rebounded.

The UK’s FTSE 100 bounced back in initial trading after ending 0.4 per cent lower on Tuesday following the downing of a Russian plane by Turkey over Syria.

Asian stocks ended mostly lower on Wednesday, however the Shanghai Composite closed up 0.8 per cent. Oil prices retreated on fresh fears over rising global inventories. Brent crude futures were trading about 94 cents lower at $45.18 per barrel on Wednesday afternoon.

The Dubai Financial Market General Index traded lower for much of the day before rising in the final hour of trading, ending the day up 0.17 per cent at 3,214.52, thanks to late gains by Dubai Islamic Bank and Emaar Properties. DIB closed up 1.3 per cent at Dh6.20, while Emaar finished unchanged at Dh5.95 after spending much of the day in negative territory.

The construction firms Arabtec Holding and Drake & Scull together accounted for more than a third of the total volume, rising 2.7 and 2.5 per cent, respectively.

Shares in the capital followed a similar trajectory: the Abu Dhabi Securities Exchange General Index closed up 0.29 per cent at 4,230.72. Aldar Properties led blue chip gains, rising 3.8 per cent to Dh2.42. FGB ended up 0.8 per cent at Dh12.25.

At the other end of the spectrum, Etisalat fell 1.5 per cent at Dh15.45.

In other GCC bourses, Qatar ended down 0.9 per cent while Saudi Arabia’s Tadawul All Share Index closed 0.1 per cent up at 7,215.05.

Follow The National’s Business section on Twitter


Share This Post