Dubai shares retreat following gains

19/11/2015 06:12 AST

Shares in Dubai fell back into negative territory on Wednesday after two days of gains, amid lacklustre performances by Asian and European markets.

The Dubai Financial Market General Index retreated 0.28 per cent to 3,180.77, echoing the subdued performance of Asian stock markets. The Shanghai Composite fell 1.01 per cent and Hong Kong’s Hang Seng closed 0.34 per cent lower, while the Nikkei inched up 0.09 per cent. European markets were lower in afternoon trade.

Emaar Malls and Emaar Properties were the pick of the gainers in Dubai, closing up 1.09 and 0.67 per cent respectively. Arabtec shares were unchanged at Dh1.14, while Gulf Navigation stock slipped 3.53 per cent to 46.5 fils.

The Abu Dhabi Securities Exchange General Index ended barely changed at 4,196.85, a drop of a quarter-point. Aldar Properties was among the top gainers, closing up 3.08 per cent at Dh2.34. The index heavyweight FGB slipped 0.82 per cent to Dh12.05, while Etisalat rose 0.05 per cent to be its highest this year at Dh15.95.

Meanwhile, oil rebounded after Tuesday’s losses, which were attributed to concerns over a supply glut. Brent crude, which shed 2.2 per cent on Tuesday, was up 1.5 per cent at US$44.23 per barrel in late afternoon trade on Wednesday.


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