UAE markets end mixed

Dubai: Dubai index fell again on Thursday, the second time in six sessions, as one of UAE’s biggest banks slumped more than 4 per cent.

Emirates NBD dropped 4.69 per cent to close at Dh3.86 after reaching its ex-dividend date. The bank had reached its 18 month high on Wednesday.

The Dubai Financial Market General Index closed 0.30 down to 1916.21. The index has risen more than 18 per cent this year, leaving behind all the other Gulf stock indexes behind.

“Dubai is finally starting to price in fundamental improvements on the ground but it still has a way to go — some banks are trading at a discount to regional peers and other companies are not at fair value yet,” Amer Khan, fund manager, Shuaa Asset Management told Reuters.

Among the other major stocks that declined yesterday included courier company Aramex, which shed 1.34 per cent to Dh2.21; Dubai Financial Market, declining 0.86 per cent to Dh1.15 and Arabtec, which slipped 0.94 per cent to 2.11.

However, the global ports operator DP World, listed on Nasdaq Dubai jumped 5.88 per cent to $14.40, the biggest gainer on the day.

“For international investors betting on Dubai for the long-haul, DP World is a good liquid stock,” Khan said.

— With inputs from Reuters

Abu Dhabi

The Abu Dhabi Securities General Index gained 0.73 per cent to end at 3030.37, up for the fifth consecutive session adding 2 per cent.

It was a mixed day for the banking sector for stocks. While First Gulf Bank and Bank of Sharjah were among the top gainers, National bank of Abu Dhabi and Abu Dhabi Commercial Bank ended lower.

FGB reversed declines to end 3.04 per cent higher at Dh13.55 and Bank of Sharjah rose 4.17 per cent to Dh1.5. NBAD slipped 0.84 per cent to Dh11.8 and ADCB fell 1.24 per cent to Dh3.98.

On the day, total volume jumped to 132.98 million shares from Wednesday’s 75.18 million, with turnover increasing 27.88 per cent to Dh194.06 million.

Aldar Properties and Sorouh Real Estate increased 0.72 per cent to Dh1.40 and 0.58 per cent to Dh1.72 respectively.

Ras Al Khaimah Ceramics and Rak Properties were among the other top five gainers. Etisalat, UAE biggest telecom company, remained unchanged at Dh10.15.

Energy company Dana Gas dropped 2.08 per cent to Dh0.47. The other stocks which fell included National Bank of Fujairah, Abu Dhabi Ship Building and Ras Al Khaimah Cement Company.