The UAE’s two main bourses had a mixed day’s trading yesterday as competition in the local insurance industry and volatile global oil trading subdued prices.
Brent crude fell 1.6 per cent in early trading, pushing the commodity below US$54 a barrel before surging back to $55.38.
The main index for Abu Dhabi, a city heavily dependent on oil, deflated slightly by 0.87 per cent to close at 4,608.56 points during yesterday's trading.
Green Crescent Insurance was the market’s biggest loser, dropping 9.7 per cent during trading yesterday after its rival Insurance House announced a full-year loss. The Islamic insurer Watania was the second-biggest faller, sinking 9.7 per cent yesterday to close at Dh0.75 a share.
In Dubai, although the bourse was hit by oil price concerns, dropping 1.1 per cent during early trading, by midday it had edged north to close up 0.9 per cent at 3,886.53.
Banking and real estate stocks increased the most.
Mashreq was the day’s biggest gainer, rising 11.7 per cent during trading to close at Dh148 a share.
Dubai Parks & Resorts, the government-owned company building a triple-themed amusement park in Dubai that went public in December, had the second-biggest gains.
However, the property heavyweight Emaar was among the losers, ending the day down 1 per cent at Dh7.29 a share.
For the week, the Abu Dhabi index gained 3.4 per cent and the Dubai index gained 5.7 per cent. Dubai alternated winning and losing days throughout the week.
lbarnard@thenational.ae
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