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Shares in Dubai and Abu Dhabi posted small gains on Tuesday, as oil prices recovered partially.
Saudi equities finished lower for a third straight day.
Brent crude futures, which fell nearly 4 per cent on Monday on higher US rig counts, stabilised early on Tuesday, trading at around US$55.17 per barrel during the late afternoon.
"Clearly there are growing doubts that Opec will succeed in implementing most of the promised production cuts," said analysts at Commerzbank in a research note.
Such concerns acted as a partial break on UAE equities following several days of strong gains. The Dubai Financial Market General Index fell in early trading before recovering at the close to end up 0.1 per cent at 3,725.06.
Emaar Properties and Emirates NBD led big-name gainers, closing up 0.8 per cent and 2.4 per cent, respectively, offsetting falls by Dubai Investments and DXB Entertainment.
Retail investors booked gains in Ajman Bank, which had registered gains of 24 per cent over the previous two days. The bank’s shares fell 6.6 per cent to Dh1.55 on Tuesday.
The Abu Dhabi Securities Exchange General Index ended a quiet day up 0.1 per cent at 4,668.31, with minor gains by FGB and Etisalat cancelling out declines by NBAD and ADCB.
Shares in Saudi Arabia were dragged lower by STC and Alinma Bank. The Tadawul finished the day 1 per cent lower at 7,008.03.
In Doha, the Qatar Exchange ended 0.01 per cent lower, with gains by Rayan and Vodafone Qatar offset by falls by QNB and Industries Qatar.
Strong buying on the last day was of no avail to the Qatar Stock Exchange, which settled 170 points lower last week that saw Doha outline its ‘positive” economic outlook before the International Mone
The Qatar Stock Exchange snapped four days of bearish spell, mainly on the back of strong buying in insurance, real estate and transport equities.
Local retail investors and Gulf instituti
Abu Dhabi National Oil Co. plans to sell shares in its gas stations unit this year and list them on Abu Dhabi’s stock exchange, according to a person with knowledge of the matter.
It was green almost across the board on the Dubai bourse on Thursday, with stocks recording modest gains and the main index ending the day 0.75 per cent higher.
Trade values were also higher
The introduction of technical short-selling in Abu Dhabi Securities Exchange (ADX) will help to attract more institutional investors, boost liquidity and bring the market more in line with internatio