Banks, property stocks drag UAE bourses lower

The Abu Dhabi Securities Exchange General Index fell 1.3 per cent at 4,344.34. The Dubai Financial Market General Index shed 0.6 per cent at 3,299.82.

Banking stocks in Abu Dhabi proved to be a drag for a second day in a row. Dubai shares also ended in the red.

FGB, which dropped nearly 10 per cent on Tuesday, closed down 3.7 per cent at Dh11.55 yesterday, the lowest level in a month.

The shares closed ahead of news that the bank, the largest in the UAE by market value, is considering a bid for Barclays’ Egyptian assets.

The Abu Dhabi Securities Exchange General Index fell 1.3 per cent at 4,344.34.

NBAD declined 1.2 per cent at Dh8.51, even as the bank on Tuesday raised its dividend for last year to 45 per cent from 40 per cent announced previously. Aldar Properties and ADCB also fell.

Shares in Dubai fell by as much as 2 per cent in morning trading, but pared losses after European bourses opened in positive territory.

The Dubai Financial Market General Index shed 0.6 per cent at 3,299.82, dragged down by Dubai Investments and Emaar Properties.

Dubai Investments gave up 4.5 per cent at Dh2.10, after the company proposed a 12 per cent dividend for last year.

Index bellwether Emaar Properties was off 2.6 per cent at Dh5.95.

Dubai Parks and Resorts was the pick of the gainers, rising 6 per cent to Dh1.40.

jeverington@thenational.ae

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