Markets end session on flat note

UAE markets ended the last session of the week on a flat note yesterday as investors held their positions and awaited the last batch of quarterly results. The Dubai Financial Market General Index closed marginally lower at 1,512.40 with only 32.1 million shares exchanging hands yesterday. Emaar Properties and Arabtec Holding rose 0.3 and 0.5 per cent to Dh3.26 and Dh1.76, respectively, helping the index curtail losses elsewhere.

Gulf Finance House, based in Bahrain, closed 3.6 per cent lower at 52 fils, while the district cooling company Tabreed lost 1.6 per cent to 37 fils. "People are waiting. Everyone is trying to time the market, judge what's the best time to make an entry," said Yazan Abdeen, a fund manager at ING Investments in Dubai. The Abu Dhabi Securities Exchange General Index was essentially flat, ending at 2,545.80.

Abu Dhabi National Energy Company, more commonly known as Taqa, declined 2.4 per cent to Dh1.18, while Waha Capital lost 1.6 per cent to 61 fils. Etisalat, the telecommunications operator, also declined 0.4 per cent to Dh10.10. National Bank of Abu Dhabi, the largest lender in the emirate by market capitalisation, gained 1.3 per cent to Dh11.40 as it continued its momentum since reporting robust earnings earlier this week.

Both Dubai and Abu Dhabi markets are two of the worst-performing bourses in the region this year, down 16.1 and 7.2 per cent, respectively. Elsewhere in the region the markets were mixed. Kuwait shares declined 0.1 per cent while Muscat equities firmed 0.5 per cent. Qatar and Bahrain were up 0.2 and 0.1 per cent, respectively. The Saudi market was closed for the weekend. [e-mail]