UAE indices close flat in non-volatile trade
Emaar-related stocks pushes real estate peers higher, but banks decline
Dubai: The main indices on the UAE bourses were relatively unchanged on Thursday, as gains in real estate blue-chips were pulled back by declines in banking majors.
Both the indices shed a point each, with the Dubai Financial Market (DFM) index closing at 2,694 points, while Abu Dhabi’s ADX closed at 5,046 points.
The real estate benchmark index edged up 0.3 per cent, after Emaar Properties and Emaar Developments both gained over 0.5 per cent.
The gains from property majors were nulled after banking heavyweights index inched down 0.2 per cent.
“For the regional markets, investors will be closely following the Opec+ meeting to gauge the trajectory of oil prices to accordingly position themselves for 2020,” said Iyad Abu Hweij, managing director at Allied Investment Partners PJSC.
Analysts said that Organisation of the Petroleum Exporting Countries (Opec) will likely agree to extend their current round of production cuts beyond March and up until the end of 2020, as the group convenes in Vienna on Thursday and Friday.
