Dubai Financial Market sinks with oil falling to $30

13/01/2016 07:54 AST

UAE and Saudi shares declined on Tuesday, with a late rise in oil futures helping stocks pare early losses.

Indexes in Dubai and Saudi Arabia opened sharply lower as Brent crude futures fell to around the US$30.50 mark, ahead of the release of US government data that is likely to confirm increasing oil inventories.

However Brent rebounded strongly to $31.61 in the afternoon, sending shares higher. Saudi Arabia’s Tadawul All Share Index fell 2.8 per cent in early trading, but recovered later in the session.

The Dubai Financial Market General Index dropped 2 per cent on opening but recovered to end the day 0.73 per cent lower at 2,920.83, its eighth consecutive day in the red.

Emaar Properties, the Dubai measure’s heaviest weighted stock, acted as the main anchor on the market, closing down 3.17 per cent at Dh4.88. Arabtec Holding led Dubai gains, rising 4.07 per cent at Dh1.28.

Banking stocks led losses in the capital, the Abu Dhabi Securities Exchange General Index closing down 1.48 per cent at 4,025.26. The blue chips ADCB and FGB ended the day down 2.8 and 2.59 per cent respectively.

Shares in Etisalat bucked the downward trend, closing up 0.93 per cent at Dh16.20.


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SABIC 114.77 5,915,941

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ADX 4,608.97 23.76 (0.52%)

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ADIB 3.91 0.02 (0.51%)
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ADCB 6.60 0.05 (0.76%)
CBI 0.87 0.11 (14.47%)
FGB 0.00 0.00 (0.00%)

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DFM 3,091.15 -9.24 (-0.30%)

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EMIRATESNBD 10.65 0.05 (0.47%)
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DIB 5.30 0.00 (0.00%)

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