Dubai: The Dubai index ended a lacklustre trade in the positive territory amid falling crude oil and equities in the world market. The Abu Dhabi index also ended higher.

The Dubai Financial Market General Index ended 0.26 per cent higher at 4,563.39. Emaar Properties, which was the most active stock in terms of value, ended steady at Dh10.90 per share. Arabtec also ended flat at Dh3.96 per share.

“Markets are moving sideways in absence of news. Leaders in the market are not that active and they are picking up stocks selectively,” said Mohammad Ali Yasin, managing director at NBAD Securities.

On the broader Dubai index, out of a total of 29 shares traded on the exchange, shares of 15 companies declined, while shares of 11 companies rose. Volumes were at Dh550 million on Thursday compared to Dh1 billion earlier in the week.

In Abu Dhabi, the ADX general index ended 0.44 per cent higher at 4,957.79. Out of a total of 27 companies, shares of 12 companies rose, while 7 of them declined and the other 8 remained steady.

Globally, mining companies led a decline in European stocks as manufacturing data missed economists’ estimates for the region and China. U.S. index futures and Asian shares also fell. The Stoxx Europe 600 Index lost 0.6 per cent to 337.07. A gauge of mining stocks dropped to a one-month low, with iron ore producers BHP Billiton Ltd. and Rio Tinto Group losing more than 2 per cent.

West Texas Intermediate traded below $75 a barrel as U.S. crude inventories increased and investors weighed the likelihood of Opec reducing its production.

Selective buying:

“Selective buying is a reflection of corporate earnings and we do see some positive momentum on stocks, which outperformed market expectations. We see more pressure on stocks whose results were not up to the mark,” said Tariq Qaqish, head of asset management at Al Mal Capital, who manages a portfolio of Dh500 million.

Air Arabia, which has gained 9.8 per cent since start of November, ended 1.36 per cent lower at Dh1.45 per share.

“Local investors are exiting Air Arabia and foreigners are building positions due to better than expected numbers,” said Yasin.

Banks are expected to outperform the market.

The banking sector in the UAE has reported an eight per cent loan growth for the first nine months of this year and bank lending remains within prudential ratios set by the central bank, said Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision at the UAE Central Bank on November 17.

The UAE banking sector, the largest in the region posted an asset growth of 10 per cent for the first nine months of this year to Dh2.31 trillion. Banking sector assets increased by an annual average of about 6 per cent during 2010-2013.