UAE markets close lower as investors booked profits

UAE markets closed lower yesterday as investors booked profits after recent gains were witnessed in the run up to the second quarter earnings announcements.

With a majority of stocks declining, Dubai Financial Market General Index yesterday dropped 0.48 per cent to 2506.82.

Of the 29 stocks traded, 18 declined, eight advanced and three remained unchanged.

Drake & Scull and Arabtec, the two stocks with the highest turnover, fell 0.85 per cent and 3.11 per cent respectively. Among the others to close lower included Emaar, which fell 0.17 per cent, Air Arabia, which lost 1.10 per cent and Dubai Investments, which retreated 1.10 per cent.

The Abu Dhabi Securities Exchange Index closed 0.60 per cent down to end at 3885.08. Banks had a mixed day. First Gulf Bank tumbled 2.29 per cent to Dh17.05, where as National Bank of Abu Dhabi climbed 1.15 per cent to Dh13.15.

Aldar Properties declined 1.14 per cent to Dh2.60 and etisalat added 0.42 per cent to Dh12.05.