UAE shares finished little changed on a quiet day for Arabian Gulf bourses, even as a surge in Chinese equities prompted rises across emerging markets.
The Shanghai Composite Index surged 3.2 per cent after China’s central bank said that the recent correction in the stock market was “almost over”, with Asian bourses rising as a result. In Tokyo the Nikkei finished 1.6 per cent higher, while the Hang Seng finished up 1.2 per cent in Hong Kong.
MSCI’s Emerging Markets Index rose to its highest level in about two months, while Brent crude traded up about 10 cents per barrel.
Shares in Dubai drifted lower in mid-afternoon trading before recovering to end the day up 0.2 per cent at 3,722.59, thanks to a late rally by Emirates NBD.
The bank’s shares rose 2.7 per cent, ending the day at Dh9.10, their highest close in a month.
Shares in DFM, the stock market operator, gained 1.1 per cent, while Emaar Properties edged up 0.5 per cent.
Dubai Parks and Resorts and Deyaar Development were among the decliners, closing down 1.5 per cent and 1 per cent respectively.
Abu Dhabi's headline index finished largely unchanged, closing down 0.09 per cent at 4,561.31 on a quieter than average day of trading.
FGB, the index’s heaviest weighted stock, closed down 1 per cent at Dh13.90, while Waha Capital shed 0.8 per cent at Dh2.24.
Aldar Properties rose 0.4 per cent to Dh2.52, after the developer announced that it had started the second phase of villa sales in its West Yas development on Yas Island.
Oman’s MSM 30 was the best performing index in the GCC yesterday, gaining 0.5 per cent.
jeverington@thenational.ae
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