Dubai, Abu Dhabi indices end largely flat in subdued trade

Dubai: Dubai’s benchmark index closed marginally higher on Wednesday as gains in Air Arabia and banking stocks helped offset declines in real estate.

The Dubai Financial Market (DFM) index closed up 0.1 per cent at 2,703.86 points, while Abu Dhabi’s ADX recorded similar gains and ended marginally higher at 5,092.7 points.

Shares in Emirates NBD rose 0.4 per cent and Air Arabia rose for a third day and closed up 1.4 per cent. The budget airline earlier announced an order for 120 Airbus A320neo-family jets in a $14 billion deal.

However, Arabtec Holding continued to fall, with the stock ending down 4.7 per cent. The firm has seen its stock decline since swinging to a third-quarter loss from a year-ago profit. Real estate giant Emaar Properties traded 0.5 per cent lower.

Abu Dhabi Securities Exchange edged up after First Abu Dhabi Bank added 0.3 per cent and International Holding Company (IHC) climbed 8.9 per cent, its biggest single-day gain in over a month.

Saudi’s benchmark index too closed up marginally higher, with Saudi Basic Industries inching up 0.7 per cent.