Dubai shares drift lower as Saudi index climbs to two-week high

Dubai shares retreated on Wednesday, even as equities in Saudi Arabia climbed to a two-week high.

The Tadawul closed up 0.6 per cent at its highest level since late September, led by Rajhi Bank and Jabal Omar Development.

Shares in Banque Saudi Fransi closed up 2.7 per cent, even as its third-quarter profit fell 1 per cent year on year.

The bank’s profits came in slightly lower than analyst estimates, but provided reassurance to investors following Riyad Bank’s 19 per cent fall in third-quarter profit reported earlier in the week.

The Dubai Financial Market General Index drifted lower in the final hour of trading, ending down 1 per cent at 3,354.84, as stocks gave up gains achieved on Tuesday on the back of higher oil prices.

Emaar Properties led the sell-off among big names, falling 1.8 per cent to Dh6.79, with only one stock on the emirate's headline index ending in the black.

Emaar Malls and Damac Properties were among the other big-name decliners.

The Abu Dhabi Securities Exchange General Index closed down 0.2 per cent at 4,363.55, with daily trading volumes more than 20 per cent below the average for the month.

Etisalat and FGB dragged the index lower, closing down 0.5 per cent and 0.4 per cent, respectively.

Shares in Taqa had their best day in more than six months, closing up 10.3 per cent at 64 fils, after the energy firm announced plans to tap a dual tranche dollar bond.

The Qatar Exchange index fell 0.2 per cent to 10,403.04 in thin trading, dragged lower by Ezdan Holdings and Industries Qatar.

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