UAE and Saudi markets close lower on a slow day

20/12/2016 06:05 AST

Shares in the UAE and Saudi Arabia closed lower on Monday in thin holiday trade, while Qatar’s headline index rose on better-than-expected budget forecasts for 2017.

European bourses were mixed on Monday afternoon, after the dollar weakened as traders booked profits from the currency’s recent bull run. The Euro Stoxx 50 was down by about 0.1 per cent in the late afternoon, as futures markets pointed towards a higher open for US stocks.

Oil prices strengthened on Monday, after a planned production rise by Libya failed to materialise. Brent crude futures were up two cents at $55.23 a barrel in the late afternoon.

The Dubai Financial Market General Index ended a second consecutive day of subdued trading 0.6 per cent lower at 3,531.79, with no traded share changing value by more than 0.2 per cent for the day.

Emaar Properties, DIB and Emirates NBD all ended lower, cancelling out gains by Damac properties and Du.

Volumes were higher in the capital, thanks to an uptick in trade in Methaq Takaful and Eshraq Properties.

The Abu Dhabi Securities Exchange General Index ended the day down by 0.4 per cent at 4,479.27, dragged lower by big names including Etisalat and ADCB.

FGB and Rakbank were the pick of a handful of gainers, both closing up by 0.1 per cent. In Saudi Arabia, the Tadawul ended 0.8 per cent lower at 7,076.88, weighed down by Sabic and NCB.

Shares in Qatar led gains across the Arabian Gulf after the government predicted a smaller deficit in its budget forecasts for 2017.

The Qatar Exchange, which reopened on Monday after Sunday’s National Day holiday, ended the day up 0.5 per cent at 10,272.37, led by Industries Qatar and Qatari Investors Group.

The National