Dubai: The main benchmark in Dubai ticked lower on Wednesday, hurt by declines from property stocks, while lenders propped up the top index in Abu Dhabi.
The Dubai Financial Market (DFM) index edged down 0.2 per cent at 2,848.94 points, while the Abu Dhabi Securities Exchange (ADX) gained 0.95 per cent to 5,234.2.
In Dubai, lenders Emirates NBD edged up 0.7 per cent and Dubai Islamic Bank ticked up 0.2 per cent, but Mashreq Bank dropped down 8.6 per cent — although it was clear what caused the rapid sell-off. Most of the UAE banks are expected to report results next week and the week after,
Also, easing seen in the real estate sector pressured the tracking index to drop down 0.9 per cent. Emaar-related stocks fell, with Emaar Properties and Emaar Malls both down about 1 per cent. Union Properties dropped about 3 per cent, with the firm seen holding a crucial board meeting tomorrow, which is expected to have an outsize influence on the developer’s future.
Logistic firm Aramex advanced 2.7 per cent, while Shuaa Capital fell about 3 per cent. Shuaa’s offshore unit on Tuesday finalised a deal to manage an investment portfolio of assets worth $400 million and on Wednesday, Shuaa said that along with other parties, it priced and issued GFH Financial’s five-year sukuk at $300 million.
In Abu Dhabi, lenders dominated the limelight, with First Abu Dhabi Bank spiking 1.4 per cent and Abu Dhabi Islamic Bank gaining 1.2 per cent. Real estate gains were led by Aldar Properties, which rose 0.9 per cent.