Investors book profit on UAE stocks

UAE stocks closed lower on Thursday as investors booked profit following a week of strong gains in both Dubai and Abu Dhabi.

Shares in Dubai fell as much as 0.9 per cent, but regained ground thanks to a late surge by Du shares and finished just 0.2 per cent lower at 3,566.35. The emirate’s headline index closed up 2.5 per cent for the week, its best showing since mid-January.

Emaar Properties and Emaar Malls fell by 0.4 per cent and 1.1 per cent, respectively, cancelling out gains by Aramex, du and Dubai Investments.

Shares in Drake and Scull International closed 0.4 per cent lower at 46.3 fils apiece, after the construction company announced plans to begin talks with banks next month to reschedule debt payments and secure financial backing for new projects.

Shares in DXB Entertainments, the parent company of Dubai Parks and Resorts, finished unchanged at Dh1.03, after EFG Hermes cut its target price for the stock amid lower than expected visitor numbers at attractions such as Legoland Dubai and IMG World of Adventures.

The Abu Dhabi Securities Exchange General Index ended the day down 0.6 per cent at 4,615.23, but still posted a 3.9 per cent gain for the week, its best performance in four months.

Shares in First Abu Dhabi Bank (ticker: NBAD) closed 0.9 per cent lower at Dh11.25 apiece, as investors booked profits. The bank’s stock closed up 9.8 per cent for the week, its best weekly performance since in 14 months.

Etisalat and Julphar also fell, cancelling out gains by UNB and Eshraq Properties.

Saudi stocks maintained their positive momentum, closing up 0.4 per cent on gains by Sabic and Saudi Telecom.

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