UAE shares had a mixed showing on Monday with Dubai closing in the red and Abu Dhabi rising.
The decline in the Dubai Financial Market General Index, which closed 1.3 per cent lower at 3,119.40, was led by blue chip property stocks. Damac Properties, Emaar Properties and Arabtec Holding shed 3.7 per cent, 1.5 per cent and 3.15 per cent, respectively.
Gainers included Tabreed and Gulf Navigation Holding. Tabreed jumped 10.9 per cent while Gulf Navigation climbed 4.3 per cent.
Late on Sunday, Dubai approved a budget of Dh46.1 billion for next year, up from Dh41.2bn this year. Spending on infrastructure, transport and economic development – about 36 per cent of all spending – would rise by more than 12 per cent, with 5 per cent going to repay the emirate’s debt.
In the capital, the Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 4,252.18. Top gainers included Commercial Bank International, gaining 14.9 per cent to Dh1.85. It was followed by InvestBank, which closed up 14.4 per cent at Dh2.06.
Meanwhile, Taqa fell 6.2 per cent to Dh0.45, followed by RAK Cement, which closed down 4.3 per cent at 0.89. Gulf Pharmaceutical lost 3.8 per cent at Dh2.50.
selgazzar@thenational.ae
