Abu Dhabi shares drop to lowest in two years

Abu Dhabi shares closed at a new two-year low of 3,736.95, after falling 5.5 per cent during the week.

Shares in the UAE ended the week on a dour note, as global markets failed to rebound after Wednesday’s mass sell-offs.

Abu Dhabi shares closed at a new two-year low of 3,736.95, after falling 0.8 per cent during the week, their worst weekly performance in more than a year.

The Dubai Financial Market General Index fell by nearly 2 per cent before recovering to close the day off 0.6 per cent at 2,621.96.

Saudi stocks enjoyed a respite of sorts, however, ending up 0.07 per cent after shedding 5 per cent on Wednesday.

Oil prices continued to drift lower ahead of the release of US government data that is expected to confirm rising inventories. Brent crude futures fell 19 cents at $27.69 on Thursday afternoon.

European markets made only modest gains after a sell-off on Wednesday wiped billions of euros off the value of shares. The Euro Stoxx 50 traded about 0.6 per cent higher, after the European Central Bank kept interest rates on hold.

Emaar Malls Group and Air Arabia were among Dubai’s main losers, falling 4.2 and 3.4 per cent, respectively. Their declines were partially offset by Arabtec Holding, which rose 1.8 per cent to Dh1.10.

In Abu Dhabi FGB ended down 2.9 per cent at Dh10.05.