Flat day of trading for UAE stocks

Abu Dhabi: UAE stocks closed flat on Wednesday, with both market indices advancing by a mere 0.1 per cent.

In Dubai, the market index gained 0.12 per cent to close at 378.56 points. Most leading shares ended the session in the red, as Emaar Properties declined by 0.41 per cent to Dh12.05, while du lost about 1 per cent to close at Dh7.13.

There were only three winners among which the most important was Dubai Investments (DIC) which gained 2.19 per cent to close at Dh4.66.

"DIC have touched a bottom line, that can be the only justification for the reversal," explained Ahmed Abdul Rahman, an analyst at Amanah Capital.

Most analysts agree that a high degree of colouration between the Saudi stock market and the local markets evolved during the past two weeks, where UAE stocks reflect the performance of the Saudi market on the previous day.

In Abu Dhabi, the general index gained 0.11 per cent to close at 3,136.51 points, with a total value of traded shares that did not exceed Dh63.8 million. Taqa was the best performing share advancing by 3.17 per cent to Dh2.6 and accounting for Dh18.5 million worth of traded shares.