Dubai Financial Market shares on a roller-coaster ride

07/11/2014 09:38 AST

Dubai’s stock market shed strong early morning gains to close up just 0.12 per cent at the end of trading on Thursday.

The Dubai Financial Market ended at 4,406.15, an increase of just over 3 per cent for the week.

Shares in Ajman Bank had some of the highest gains of the day, ending 4.1 per cent up at Dh2.5. The gains came after the bank reported a third quarter net profit of Dh20.5 million late on Wednesday afternoon, compared with Dh495,000 in the same period last year.

Dubai Islamic Bank was one of the other main gainers of the day, closing up 1.6 per cent at Dh7.48.

Emaar Properties ended the day down 1.4 per cent at Dh9.85. Arabtec Holding, meanwhile, had a positive end to the week after three straight days of declines, closing up 0.26 per cent at Dh3.83.

In the capital, the Abu Dhabi Securities Exchange (ADX) also had slight gains early in the day erased in the last hour of trading. The bourse eventually closed down 0.28 per cent at 4,817.37 after touching highs of 4,845 earlier in the day.

The ADX ended the week marginally lower, closing 1.5 per cent down on last Thursday’s close.

Shares in FGB acted as a drag on the main index, closing down 3.2 per cent at Dh17.80.

The fall in FGB shares, which account for just over 25 per cent of the ADX’s index weighting, offset a 3.9 per cent rise in shares in Eshraq Properties to Dh1.06, together with minor gains by Aldar Properties and RAK Properties, which rose 0.6 per cent and 1.3 per cent, respectively.

The National