UAE shares close higher

26/04/2017 07:33 AST

Shares in the UAE closed in positive territory on Tuesday on a day of mixed first-quarter earnings. Saudi shares fell on an otherwise quiet day for bourses across the Arabian Gulf.

The Dubai Financial Market General Index spent much of the day in negative territory, but eventually ended up nearly 0.1 per cent at 3,433.74 thanks to a late gain by Mashreq.

The bank’s shares closed up 15 per cent at Dh82.80, with Dubai Islamic Bank and Dubai Investments also gaining. Damac Properties shares meanwhile fell 8 per cent to a new low for the year of Dh2.53, as the stock went ex-dividend.

Du shares fell 3 per cent to a 15-month low of Dh5.60 after the company reported a 19 per cent fall in profit attributable to shareholders for the first three months of the year. Also finishing lower was Shuaa Capital, closing 0.6 per cent lower at Dh1.60 in spite of reporting its first profit for seven quarters.

Shares in Abu Dhabi led gains across the region, with the benchmark closing up about 0.8 per cent at 4,564.63, led by First Abu Dhabi Bank.

The bank’s shares, which represent 37 per cent of the weighting of Abu Dhabi’s headline index, closed up 1.4 per cent at Dh11.20, after shareholders approved the change in name from National Bank of Abu Dhabi on Monday.

Shares in Abu Dhabi National Energy, known as Taqa, fell by 3.2 per cent to 60 fils, after S&P cut the firm’s outlook to negative from stable.

In Saudi Arabia, the Tadawul closed down about 0.9 per cent, dragged lower by Al Rajhi Bank and Sabic.

The National