Shares in the UAE led a sell-off in the region amid a lack of market catalysts thanks to public holidays in the United Kingdom and United States.
Dubai shares erased the gains of the previous two days, closing down 1.6 per cent at 3,306.44 on the quietest day of trading since November.
DIB and Emaar Properties bore the brunt of the sell-off, closing 4 per cent and 2.1 per cent lower, respectively.
Air Arabia was the pick of just five gainers, closing up 0.7 per cent at Dh1.30.
Trading on the Abu Dhabi Securities Exchange was dominated yesterday by a transfer of 192.6 million shares in Commercial Bank International by one of the bank’s shareholders to a company under his name.
Shares in the Dubai-headquartered bank ended the day 1 per cent higher at Dh2.02.
Banking stocks dragged Abu Dhabi’s headline index 0.8 per cent lower to 4,259.54, with NBAD and FGB losing 7.2 per cent and 2 per cent, respectively.
Etisalat was the pick of gainers on the index, ending up 0.8 per cent at Dh17.60.
Arabian Gulf bourses all finished in the red, in spite of positive performances in Asia and Europe. Japan’s Nikkei finished up 1.4 per cent, while the Hang Seng inched up 0.2 per cent in Hong Kong. The Euro Stoxx 50 was trading up about 0.2 per cent yesterday afternoon.
In Saudi Arabia the Tadawul All Share Index finished 1 per cent lower at 6,359.91, while the Qatar Exchange finished off 1.2 per cent at 9,552.04.
jeverington@thenational.ae
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