Dubai ends lower and Abu Dhabi higher for the week

Dubai: With most of the third quarter earnings already announced, trading in the UAE markets this week remained relatively lukewarm, with Dubai closing lower and Abu Dhabi ending in the positive.

For the week, which had four trading days, Dubai’s stock benchmark was down 0.81 per cent and the capital’s index was moderately up by 0.16 per cent.

On Thursday, DFM General Index shed 0.14 per cent to close at 2898.43 and Abu Dhabi Securities General index gained 0.17 per cent to 3851.81.

“Markets are digesting third quarter earnings and don’t have another immediate driver,” said Amer Khan, director at Shuaa Asset Management on the quiet trading sessions this week.

Activity is expected to pick up closer to the Expo announcement on November 27, he said. .

The next catalyst for the UAE markets, Khan said, is the Expo announcement, which is at the end of the month and there are quite a few investors already positioned for that.

Gulf Finance House was the most active stock in terms of value, advancing 1.90 to Dh0.591. Union Properties, the second most active stock also closed higher, and was up 0.71 per cent to Dh0.995.

Emaar Properties was among the 13 stocks which declined. It ended 0.33 per cent lower at Dh6.08. Agility was the biggest loser for the second straight session, plunging 10 per cent to Dh9.54. Arabtec lost 0.37 per cent to Dh2.69.

In Abu Dhabi, 16 stocks advanced, 13 retreated and four remained flat. Aldar Properties dropped 1.48 per cent to Dh2.67. Abu Dhabi Commercial Bank rose 0.40 per cent to Dh5.04.