Shares in the UAE were mixed on Thursday as Dubai equities resumed their downward trajectory.
Abu Dhabi and Kuwaiti stocks were the only gainers on a day of minor losses across the Arabian Gulf.
The Dubai Financial Market General Index ended the day down 0.3 per cent, dragged lower by Dubai Islamic Bank.
The lender’s shares finished 0.8 per cent lower at Dh6.20, after it announced the approval of a US$5 billion sukuk programme and a dividend distribution of 45 fils per share for last year.
Shares in Arabtec, which acted as a catalyst for buyers on Wednesday, rose by as much as 3 per cent in early trading before reversing course to finish the day 1.1 per cent down at 95.5 fils.
“The majority of traders [in Arabtec] remain very short-term focused, and would book any profits or stop losses immediately,” said Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.
Emirates NBD and Dubai Investments led a handful of gainers, rising 0.5 per cent and 0.4 per cent, respectively.
Shares in the capital spent much of the morning in the red, before gaining ground to finish up 0.3 per cent at 4,653.39.
Etisalat shares rose for a third consecutive day, closing up 1.4 per cent, while Abu Dhabi National Insurance rose 14.8 per cent in late trading.
The Kuwait Stock Exchange Index was the only other gainer across the region, finishing up 0.3 per cent thanks to a gain by Americana.
Shares in Qatar and Saudi Arabia both finished the day down 0.3 per cent.
jeverington@thenational.ae
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