Du bucks trend as UAE stocks drift lower

The recent rally in oil prices appears to have run out of steam.

Shares in the UAE drifted lower on Tuesday, as the recent rally in oil prices appears to have run out of steam.

Brent crude futures, which rose to a three-week high of $36.24 early on Monday, fell for the second day in a row to about $33.15 per barrel, on increased Russian production figures and expectation of rising US inventories.

Dubai’s headline index rose to its highest level in nearly four weeks around midday, before slipping to end the day down 0.3 per cent at 2,970.36.

Du led gains in Dubai, rising 4.4 per cent to Dh5.65, on speculation that the telecoms operator's shares may be included in the MSCI Emerging Markets Index in May or November.

Shuaa Capital rose 2 per cent at 34.7 fils after the investment company announced the resignation of board member Mohammad Kamran Wajid.

Dubai Islamic Bank was among the laggers, closing down 1.8 per cent at Dh5.87.

Abu Dhabi shares ended down 0.4 per cent at 4,088.64 after investors booked profits following Monday’s rise in banking stocks.

FGB closed down 1.7 per cent at Dh11.50, while NBAD ended 2.7 per cent lower at Dh7.75.

The Qatar Exchange led gains across the Arabian Gulf region, ending the day up 0.9 per cent.

jeverington@thenational.ae

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