The Dubai and Abu Dhabi stock indexes lost ground on Wednesday, their first setbacks of the week.
The Dubai Financial Market General Index fell 0.2 per cent on the day for a close of 4,939.26. Abu Dhabi’s benchmark fell 0.1 per cent for a close of 4,939.29.
Arabtec rose 2.6 per cent in early Dubai trading but the volatile shares finished the session with a loss of 0.2 per at Dh4.25 each. On Tuesday, the company said that the Abu Dhabi-owned investment company Aabar Investments had become its largest holder by buying stock from the former Arabtec chief executive, Hasan Ismaik.
Sharjah-based Air Arabia rose 2.9 per cent to close at Dh1.42 a share. On Tuesday the company had reported a 22 per cent rise in third quarter profit, handily beating the estimates of analysts, who had forecast a decline.
In the capital, shares in Abu Dhabi Commercial Bank led the laggards, falling 2.2 per cent to finish at Dh7.82 each. Volume was light.
Trading volume in Dubai was Dh1.17 billion compared with the 50-day average of Dh1.08bn. Volume in Abu Dhabi was Dh430.4 million, well above with the 50-day average of Dh292.7m.
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