UAE bourses manage small gains

30/05/2016 05:28 AST

Shares in the UAE eked out minor gains on Sunday, as indexes across the Arabian Gulf began the week slightly lower in the run-up to the month of Ramadan.

The Dubai Financial Market General Index enjoyed its fifth consecutive day of gains, rising by 0.28 per cent to 3,360.47, even as more stocks ended in the red than in the black. Trading volumes, however, sagged to less than their daily average for the year to date.

DIB and Emaar Malls were the pick of just six stocks on the emirate’s headline index that finished in the black, gaining 2.85 and 1.46 per cent respectively. At the other end of the spectrum, Damac and DIC acted as anchors, trimming 1.71 and 1.02 per cent respectively.

Abu Dhabi’s headline index finished the day 0.28 per cent higher at 4,297.19, with two-thirds of the index’s shares ending unchanged.

Banks led gains, with NBAD and FGB ending 2.37 per cent and 0.41 per cent higher. Eti­salat shares closed up 0.29 per cent at Dh17.45.

Real estate stocks performed poorly. Aldar Properties closed 0.38 per cent lower at Dh2.62, while Eshraq Properties and RAK Properties finished off 1.25 and 1.69 per cent respectively.

Bourses across the Arabian Gulf finished in the red. Saudi Arabia’s Tadawul All Share Index finished 0.83 per cent lower at 6,428.39, while the Qatar Exchange in Doha closed 0.42 per cent lower.


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