Bourses in UAE mark mixed day

Shares in the UAE were mixed on quiet sessions for regional equities, as positive corporate earnings lifted bourses in Europe and Asia.

Better-than-expected earnings from the international blue chips including Siemens and Apple buoyed investor sentiment worldwide. Japan’s Nikkei closed up by 0.6 per cent, with the Euro Stoxx 50 and FTSE 100 trading higher in the late afternoon.

Futures markets pointed to a higher open for US stocks, with the US Federal Reserve widely expected to keep interest rates on hold.

Arabian Gulf stocks trod water, with Bloom­berg’s GCC 200 Index finishing up by 0.06 per cent.

Shares in Dubai ended 0.3 per cent higher at 3,653.65, on the bourse’s quietest day of trading so far this year, with laggers outnumbering ­gainers.

Damac Properties and Dubai Investment were the pick of eight stocks that finished in positive territory, finishing up 3 per cent and 1.2 per cent respectively.

Emaar Malls, which announced a 4 per cent rise in fourth-quarter profits on Tuesday, gained 0.4 per cent.

Aramex and DFM led sell-offs, closing 0.9 per cent and 1.6 per cent lower.

Shares in Abu Dhabi meanwhile dropped by 0.5 per cent to 4,526.26, dragged lower by NBAD and ADCB.

NBAD shares finished 5 per cent lower at Dh9.88, in spite of a 28 per cent rise in fourth-quarter profits announced on Tuesday. ADCB, which reported a 16 per cent quarterly profit drop, saw its shares fall 2.2 per cent to Dh6.98.

Shares in Saudi Arabia were little changed throughout the day, the Tadawul eventually closing 0.01 per cent lower.

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