Dubai stocks opened the week in negative territory yesterday, following declines posted by emerging market stocks and crude oil futures on Friday.
MSCI’s Emerging Market Index lost 1.6 per cent on Friday after the US labour department released data showing falling unemployment, bringing the prospect of a cut in US interest rates closer.
Brent crude futures fell 2.1 per cent on Friday to US$49.61 a barrel, trading lower on high US inventories and a domestic sell-off.
Dubai's headline index fell by 1.6 per cent yesterday morning, ending the day down 0.7 per cent at 3,5412.14. The district cooling company Tabreed and the property heavyweight Emaar Properties were among the hardest-hit stocks, shedding 4.8 per cent and 1.8 per cent, respectively.
The Abu Dhabi Securities Exchange General Index ended in positive territory, thanks to strong gains posted by Etisalat, the index's second-heaviest weighted stock. The telecoms company's shares ended up 4.3 per cent at Dh13.25 after it announced that non-Emiratis would be able to invest in its shares for the first time from September 15.
Waha Capital and Union National Bank were among the worst-performing shares, finishing down 3.9 per cent and 2.5 per cent, respectively.
jeverington@thenational.ae
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