Quiet day of trading on exchanges ahead of Eid holiday

Investors look to have shut up shop for next week's Eid holidays.

Shares in the UAE posted minor gains in thin trading yesterday, with signs that many investors have already shut up shop for next week’s Eid holidays.

Emerging markets continued their upward trend yesterday on higher oil prices and dovish sentiment regarding a US interest rate rise this month. FTSE’s Emerging Markets Index hit a new high for the year, rising by 0.2 per cent on the day.

Brent crude futures rose as high as $48.86 this morning, on reports that US crude inventories fell by 12.1 million barrels last week.

European equities were firm ahead of a decision on interest rates by the European Central Bank, together with a press conference held by the ECB president Mario Draghi.

The Dubai Financial Market General Index was barely changed on the last day of trading before the Eid holidays.

The index closed up less than 0.1 per cent at 3,519.22, with gains by Emaar Properties and Dubai Investments offsetting losses by Commercial Bank of Dubai and du.

Real estate stocks dominated trading on an otherwise ­quiet day in Abu Dhabi, with Aldar Properties and Eshraq Properties accounting for nearly three- quarters of total volumes on the capital’s headline index.

Aldar closed 1.8 per cent ­lower at Dh2.71, while Eshraq finished 1.2 per cent higher at 82 fils.

The Abu Dhabi Securities Exchange General Index finished the day 0.2 per cent higher at 4,516.38, thanks to gains by Etisalat, ADCB and NBAD.

Shares in Saudi Arabia led gains across the Arabian Gulf, with the Tadawul trading 0.5 per cent higher mid-day thanks to higher oil prices. The Qatar Exchange finished off 0.9 per cent, dragged lower by Ezdan Holding, QIB and QNB.

jeverington@thenational.ae

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Published: September 8, 2016 04:00 AM

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