Dubai’s DFM edges up as lenders gain, Abu Dhabi’s ADX slips
Emirates NBD, DIB drives gains in Dubai financials, property majors drop
Dubai: The Dubai Financial Market’s main index inched marginally higher on Tuesday, as gains in lenders Emirates NBD and Dubai Islamic Bank (DIB) were annulled, after property giant Emaar fell for a second day.
The DFM index closed 3 points up at 2,687 points, while Abu Dhabi’s ADX recorded a decline and ended at 5,020 points.
Top lender Emirates NBD gained 1.7 per cent and DIB, the biggest Sharia-compliant lender in the UAE, rose 1 per cent.
Real estate heavyweight Emaar Properties dropped 1.2 per cent, falling for a second day after declining 1.5 per cent on Monday. Damac Properties dipped over 3 per cent, and along with Emaar pushed the property benchmark down 1.3 per cent.
In Abu Dhabi, the index steadied after a three-day losing streak, after telecoms major Etisalat gained 0.4 per cent and Abu Dhabi Commercial Bank advanced 1.2 per cent.
In Saudi Arabia, the benchmark index slipped 0.3 per cent, as financials slipped a day ahead of Saudi Aramco’s $25-billion-plus listing on the local exchange.
Saudi British Bank fell 2.3 per cent, while National Commercial Bank dipped 0.7 per cent.