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UAE stocks ended slightly lower on Sunday. Trading volumes dwindled across the Arabian Gulf during the final week of Ramadan.
The Dubai Financial Market General Index had its quietest day in two weeks, closing 0.4 per cent lower at 3,444.13.
Emaar Properties dragged stocks lower, closing down by 0.9 per cent at Dh7.93.
The real estate company’s shares were downgraded to "reduce" by AlphaMena on Friday, despite being upgraded to "overweight" by Morgan Stanley the previous day.
Dubai Investments and Emaar Malls also closed lower, falling by 1.8 per cent and 1.2 per cent respectively.
DIB was the pick of seven gainers, rising 0.5 per cent to Dh5.79. Shares in Drake & Scull International closed up by 1.2 per cent at 42.6 fils, ahead of an announcement that it was close to securing three new contracts, together with further asset disposals.
Shares in Abu Dhabi were virtually unchanged, closing down 0.02 per cent at 4,500.86, with gains by First Abu Dhabi Bank and Sharjah Islamic Bank cancelled out by falls by Dana Gas and Etisalat.
Trading volumes were thin, with the exception of recent favourite Dana Gas. The energy company’s shares – which accounted for more than 80 per cent of total trade – closed down 4.1 per cent at 70 fils. Investors booked profits in the stock, which rose 38 per cent last week.
The Qatar Exchange led losses across the region, falling 0.8 per cent, thanks to falls by QNB and Qatar Insurance.
In Saudi Arabia, the Tadawul ended the day 0.9 per cent higher, on gains by Sabic and Al Rajhi Bank.
Almost all Middle East stock markets rose on Thursday as a plan for an initial public offering (IPO) boosted Egypt while blue-chip Emaar Properties continued to recover in Dubai.
United Arab Emirates stocks were higher after the close on Thursday, as gains in the Consumer Staples, Transport and Telecoms sectors led shares higher.
At the close in Dubai, the DFM Genera
Saudi Arabia will ease requirements for foreign institutional investors in its stock market, the securities regulator said on Thursday, as Riyadh seeks to draw more capital into the market before the
Nasdaq Dubai and The Nairobi Securities Exchange have signed a Memorandum of Understanding (MoU) to facilitate the creation of a Sukuk sector in Kenya.
No Sukuk has been issued in the East
Geopolitical risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates market.
Emaar Development PJSC