It was a lacklustre day’s trading for both the Abu Dhabi and the Dubai bourses on Wednesday as financial services and property and construction stocks subdued the markets.
The Dubai Financial Market fell 0.8 per cent to close at 4,551.49, dragged down by slumps in the price of the UAE’s oldest investment bank Shuaa Capital and the beleaguered Dubai developer Union Properties.
Shuaa shares fell 4.5 per cent in trading to close at 85 fils and Union Property shares slumped 4.2 per cent to stand at Dh1.54.
Air Arabia was one of the highest risers on the index, counteracting the general malaise to gain 2.0 per cent in trading to close at Dh1.47 after the company announced it had signed a US$230 million aircraft financing deal to facilitate the delivery of six new Airbus A320 aircraft in 2015.
At the same time in the capital the faint gloom continued with the Abu Dhabi Securities Exchange retreating 0.1 per cent for the day to close at 4,936.18.
The Abu Dhabi-based Islamic insurer National Takaful Company (Watania) was the biggest loser, falling 8.08 per cent in trading, while the Al Ain Ahlia Insurance Company was the biggest gainer, rising 14.9 per cent to close at Dh46.20.
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