Dubai shares lead gains in the region

22/12/2016 07:58 AST

Shares in Dubai led modest gains in the Arabian Gulf on a quiet day for regional equities, mirroring international bourses.

European shares traded slightly lower on Wednesday following a mixed Asian session, as investors remained cautious ahead of the Dow Jones’s rise towards the 20,000 mark. The US index closed just 25 points shy of the milestone on Tuesday evening.

Trading was once again subdued across the Arabian Gulf region, with Bloomberg’s GCC 200 rising by less than a tenth of a percentage point.

The Dubai Financial Market General Index closed up for the first time since Sunday, ending up 0.4 per cent at 3,520.15. Dubai Investments and Emaar Properties led big name gainers, rising 1.7 per cent and 0.6 per cent, respectively.

Shares in Marka had their best ever trading day on Wednesday, following the resignation of chief executive Nick Peel. The retail and hospitality investor’s shares soared 7.1 per cent on the news, closing at Dh1.51.

Abu Dhabi shares fell for a third day, ending 0.3 per cent lower at 4,467.19. ADCB and NBAD led a sell off of banking stocks in the capital, falling 2.6 per cent and 1.3 per cent, respectively, cancelling out gains by ADIB and Dana Gas.

Shares in Saudi Arabia spent much of the day in negative territory, but recovered late in the afternoon as leaked details ahead of Thursday’s budget suggest the kingdom’s budget deficit for this year will be substantially lower than previously expected.

The Tadawul ended the day up 0.3 per cent, with gains by Savola Group and Yanbu National Petrochemical offsetting drops by Saudi Arabian Fertilizer and Etihad Etisalat (Mobily).

The National