Shares in Dubai finished lower for a fifth straight session yesterday as investors struggled to find catalysts, despite a rebound in oil prices last week.
Brent crude futures gained 1.5 per cent on Friday, regaining ground after falling sharply overnight on high US inventories.
With the exception of Bahrain and Kuwait, all the other regional indexes finished in the red.
The Dubai Financial Market General Index led losses across the region, closing 1.1 per cent lower at 3,543.33, just above its lowest level of the year so far.
DIB and Emaar Properties led the sell-off among big names, closing down by 2.2 per cent and 0.9 per cent respectively. Air Arabia, Damac Properties and Deyaar Development also fell.
Aramex was the pick of just three gainers on the index, rising by 1.3 per cent to Dh4.86.
Shares in Abu Dhabi closed 0.7 per cent lower at 4,565.15 in thin trading.
Etisalat and NBAD led blue chips lower, finishing down by 0.9 and 2.3 per cent respectively.
Infrequently traded Invest Bank led gains for the second day running, closing up by 8.7 per cent at Dh2.50, taking gains for the last two trading days to over 20 per cent.
Shares in Saudi Arabia gave up gains registered at the end of the last week, the Tadawul closing down 0.7 per cent at 6,967.97. National Commercial Bank and Jabal Omar Development led stocks lower.
The Qatar Exchange finished off 0.3 per cent, dragged lower by QNB and Aamal.
Kuwait topped gains across the region, finishing up by 0.6 per cent. The country’s headline index has gained 18.6 per cent this year, making it the world’s fifth best performer.
jeverington@thenational.ae
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