Shares across the Arabian Gulf had a mixed day on Thursday, mirroring international equity trends.
The US dollar strengthened against emerging market currencies, as solid US economic data fuelled speculation of an imminent interest rate rise.
The dollar’s rise hit emerging market indexes.
In the UAE, the Dubai Financial Market General Index spent much of the day in positive territory, but closed 0.8 per cent lower at 3,324.07, owing to a late sell-off of Emaar Properties.
The bellwether stock ended the day down 1.2 per cent at Dh6.63.
Shares in Arabtec also fell late in the day, closing 2.2 per cent lower at Dh1.32, as investors booked profits following the stock’s 14 per cent rise on Wednesday.
Du and DXB Entertainments were among the best performing big-name stocks in Dubai, closing up 0.9 per cent and 0.7 per cent respectively.
In the capital, the Abu Dhabi Securities Exchange General Index gained 0.3 per cent at 4,273.04, as banking shares finished the week on a positive note.
FGB, the index’s second most heavily weighted stock, ended the day 1.3 per cent higher at Dh11.9, while NBAD and UNB climbed and 2.2 per cent and 2.8 per cent respectively.
Shares in Saudi Arabia meanwhile endured a rollercoaster trading session in the morning, rising by 1.5 per cent before falling sharply. The Tadawul eventually ended the day practically unchanged at 6,796.75, thanks to gains by Sabic and Al Rajhi Bank.
Elsewhere in the region, the Qatar Exchange ended the day 0.2 per cent lower.
jeverington@thenational.ae
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