Dubai: The Dubai Financial Market (DFM) General Index snapped a three-day losing streak on Thursday although gains were limited amid continuing volatility across international bourses.

The DFM was little changed, adding 0.06 per cent to 1,471.49, with local sentiment reflecting the macro-economic uncertainty, a situation likely to continue until UAE blue chips start to report second quarter numbers.

DFM’s stock, the only publicly traded bourse in the Arab world, weighed on the wider index, tumbling 1.56 per cent to Dh0.945 while small caps also saw some selling pressure — Sharjah-based budget carrier Air Arabia slipped 0.69 per cent to Dh0.576. Bellwether Emaar Properties and logistics firm Aramex both closed flat in a muted session.

The Dubai Financial Market “stock is a proxy for the market,” said Samer Darwiche, an analyst at Gulfmena Investments, told Bloomberg. “Lower traded volume of the exchange means that second-quarter earnings will be lower than the strong first-quarter figures.”

European Central Bank (ECB) president Mario Draghi said Thursday the current Eurozone set up was “unsustainable” with European shares set for their worst month since August. Despite the gloom, construction firm Arabtec added 1.39 per cent to Dh2.91 and investment bank Shuaa gained 6.76 per cent to 695 fils per share.

Of the 26 companies traded, seven rose, 13 fell and six closed unchanged. Some 140.9 million shares worth Dh123.5 million were traded during the session.

Abu Dhabi

The Abu Dhabi Securities Exchange (ADX) slumped to a four-month low after extending losses into a sixth consecutive session.

The bourse slipped 0.36 per cent to 2,441.03, its lowest close since January 29, with stocks in most sub-indexes witnessing selling pressure.

The capital’s banking sector was particularly vulnerable as National Bank of Abu Dhabi, the UAE’s second largest lender by assets, tumbled 1.04 per cent to Dh8.61 and First Gulf Bank closed at Dh8.7, down 0.92 per cent.

“What is not priced in is a disorderly exit or default, whether it is Greece or Spain — if that happens, our markets could see further downside,” Amer Khan, fund manager, Shuaa Asset Management, told Reuters “We will do what global markets do until second quarter earnings,” he added

Real estate stocks also dragged with Sorouh losing 1.01 per cent to Dh0.99; Aldar Properties, Eshraq Properties and Ras Al Khaimah Properties all closed flat. National Marine Dredging Company was the top gainer, jumping 9.89 per cent to Dh10.

Of the 29 companies traded, seven rose, 13 fell and nine closed unchanged. Some 42.4 million shares worth Dh57.7 million were traded during the session.

Elsewhere in the region, Qatar’s measure fell 0.66 per cent, Bahrain’s bourse rose 0.22 per cent, Kuwait’s gauge declined 0.7 per cent and Muscat’s exchange dropped 0.55 per cent.

Saudi Arabia’s Tadawul All Share Index was closed for the weekend