Low-key close to start week on UAE markets

20/03/2017 07:47 AST

UAE shares opened the week lower on Sunday as investors booked profits from gains made late on Thursday.

Trading began the week quietly with volumes nearly two-thirds below the daily average for the past six months.

The Dubai Financial Market General Index closed the day 0.8 per cent lower at 3,493.11, dragged down by Emaar Properties. The developer’s shares fell 2.7 per cent to Dh7.29, erasing gains made on Thursday.

Damac Properties and Dubai Islamic Bank were among the other big-name losers, with Emirates NBD the pick of seven gainers.

Gulf Navigation shares rose 2.1 per cent to Dh1.48, following the announcement of the appointment of its new chief financial officer.

Shares in GFH meanwhile closed 1.8 per cent lower at Dh2.69, after the Bahrain-based, Dubai-listed investment group announced the appointment of a new board including Shaikh Ahmed bin Khalifa Al Khalifa as chairman.

The Abu Dhabi Securities Exchange General Index traded higher at the open but trended lower to close a quiet day down 0.1 per cent at 4,419.38. FGB led stocks lower, closing 0.4 per cent lower at Dh12.60, as a handful of investors booked profits from the back end of last week. NBAD and Sharjah Islamic Bank led gainers, rising 1 per cent and 5.6 per cent, respectively.

In Saudi Arabia the Tadawul closed up 0.4 per cent, its fourth consecutive gain, with falls by Sabic and NCB offset by gains by Al Rajhi Bank.

The Qatar Exchange closed 0.2 per cent lower, the day before the 20 Qatari equities see a doubling of their investable weight factors by FTSE Russell, as the index provider upgrades the country to secondary emerging market status.

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