UAE stocks lower despite crude rebound

Shares in the UAE shed early gains to finish slightly in the red on Wednesday, even as global stocks rose and oil prices rebounded.

Brent crude futures were up 63 cents at US$38.50 per barrel late on Wednesday afternoon, on comments from Kuwait’s Opec governor suggesting that major oil producers would agree to freeze oil production without Iran if necessary.

The recovery in oil prices had a stabilising effect on most ­major global stock indexes. South ­Korea’s Kospi closed up 0.4 per cent, while the Nikkei slipped 0.1 per cent. The Euro Stoxx 50 was trading up 0.1 per cent late on Wednesday afternoon.

The Dubai Financial Market General Index rose by 0.9 per cent in early trading, before paring gains to close down 0.5 per cent at 3,351.33.

Big names Emirates NBD and Emaar Properties acted as the main anchors on the index, falling 1.4 and 0.8 per cent, respectively.

Shuaa Capital was once again the pick of the gainers, rising 4.6 per cent to 68 fils, its highest level since June.

Abu Dhabi’s headline index ended the day down 0.2 per cent at 4,299.35, thanks to a late sell-off of banking stocks.

ADCB ended the day down 2.7 per cent at Dh6.32, while NBAD closed 2.3 per cent lower at Dh8.70. Etisalat shares led gainers, closing up 0.8 per cent at Dh18.

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