Dubai’s DFM, Abu Dhabi’s ADX end flat in tepid trade
Real estate, banks eke out small gains amid continued Arabtec declines
Dubai: The Dubai bourse’s main index edged higher on Sunday, as real estate and banking blue-chip stocks eked out small gains despite persisting declines at Arabtec.
The Dubai Financial Market (DFM) index inched up 0.1 per cent at 2,687.30, while Abu Dhabi’s ADX ended flat at 5,041 points.
Marginal gains were seen in shares of Dubai Islamic Bank, which prompted the banking index to edge higher.
Arabtec Holdings continued to record declines, closing down 3.7 per cent. The company is currently in talks with Trojan Holdings for a possible merger.
In Abu Dhabi, Aldar Properties gained 1.8 per cent and Emirates Telecom slipped 0.5 per cent, pushing the index sideways.
Saudi Arabia’s stock market fell after rising for five straight sessions, dragged lower by heavyweight banking stocks. The lending index has been rising steadily the past week on reports that lending spiked since Saudi Aramco marked its initial public offering (IPO) to Saudi nationals and other retail institutions.
Saudi’s index fell 0.8 per cent with Al Rajhi Bank falling 1.1 per cent and Bank Saudi Fransi dropping 1.5 per cent. The kingdom’s central bank governor said on Sunday that the country’s banking sector continues to enjoy a high level of liquidity.