UAE shares were mixed yesterday, as investors digested the large number of fourth-quarter earnings from blue chips such as Emaar, Aldar Properties and Etisalat.
Dubai shares spent much of the day in positive territory but ended the day down 0.2 per cent at 3,645.01 owing to a late drop by Emaar Properties.
The developer’s shares rose by as much as 2.2 per cent yesterday following the announcement late on Tuesday of better-than-expected profit, before tailing off to close just 0.3 per cent higher at Dh7.62.
Arabtec Holding led losses for a third straight day, closing down 5.6 per cent at Dh1.02, the stock’s lowest level in more than two years.
Emirates NBD and DFM were the pick of the big-name gainers, rising 1.9 per cent and 4.1 per cent respectively.
Shares in Abu Dhabi meanwhile closed up by 0.5 per cent at 4,596.69, bolstered by banking stocks.
FGB and NBAD shares led gains in the capital, rising 2.3 per cent and 2.5 per cent. The two institutions are set to merge on April 1, with new shares in the merged entity to commence trading the following day.
Shares in Etisalat, which announced a 2 per cent increase in annual profits late on Tuesday, gained 1.1 per cent in early trading, before giving up gains to end unchanged at Dh17.90.
Aldar Properties meanwhile fell by 2.7 per cent to Dh2.49, following the developer’s warning of "headwinds" in the Abu Dhabi property market this year.
Shares in Saudi Arabia bounced back after a minor sell-off on Tuesday. The Tadawul finished 0.58 per cent higher on the back of gains in Al Rajhi Bank and Jabal Omar Development.
UGB announces results for 2016
UGB’s profit attributable to shareholders of the parent for 2016 decreased to $6.3 million compared to $11.2 million in 2015, with a similar decrease in basic earnings per share to 0.77 cents from 1.