UAE shares follow downward trajectory

Shares in the UAE ended lower on Tuesday in line with equities across the Arabian Gulf, as global stock markets opened in the red.

Asian stocks drifted lower on Tuesday morning in spite of Japan’s Nikkei closing up 1.3 per cent following Monday’s trading holiday.

European stock markets were trading down on Tuesday afternoon after a dip in oil prices, with the S&P 500 opening lower after hitting a record high on Monday. The Euro Stoxx 50 was down about 0.8 per cent late on Tuesday afternoon, with the FTSE 100 off 0.1 per cent.

Brent crude futures drifted lower on concerns over expanding inventories, trading at around US$47.18 per barrel in the afternoon.

Shares in Dubai ended the day down 0.2 per cent at 3,526.16. Arabtec Holding and Drake and Scull International also experienced sell-offs, closing down 1.91 and 2.08 per cent, respectively. Emaar Properties and Aramex were the pick of the big-name gainers, rising by 0.7 and 3.3 per cent, respectively.

The Abu Dhabi Securities General Index was largely unchanged in early trading, but drifted lower to finish down 0.06 per cent, at 4,583.41. FGB and Aldar Properties acted as the main anchor on the capital’s stocks, the latter declining about 0.8 per cent.

Shares in ADCB rose by 1.4 per cent to Dh6.20, the day after the bank announced better-than-forecast second-quarter profits.

Doha’s Qatar Exchange was the only Arabian Gulf bourse to end the day in positive territory, closing up 0.6 per cent. In Saudi Arabia, the Tadawul closed down 0.5 per cent.

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