Real estate shares weigh on Dubai index

Dubai’s stock market closed lower today owing to weak construction and real estate shares. Saudi stocks rebounded after three days of sell-offs, while Abu Dhabi closed slightly lower.

Arabtec Holding was among the worst performing big- name stocks in Dubai, closing down by 2.5 per cent at Dh2.55, with fellow construction group Drake & Scull International closing 6.2 per cent lower.

The Dubai Financial Market General Index closed 0.5 per cent lower at 3,290.76.

Index bellwether Emaar Properties fell by 0.2 per cent to Dh6.62, with Emaar Malls and Damac Properties falling 1.5 per cent and 2.3 per cent respectively.

Abu Dhabi shares closed 0.3 per cent lower at 4,218.72, because of a 1.7 per cent decline by FGB.

Shares in UNB rose by 3.1 per cent to Dh4.39, as analysts continued to speculate about a potential acquisition of the bank by ADCB, whose shares rose by 3.4 per cent.

UNB’s share price rise came after the announcement of a new Takaful insurance venture in conjunction with Orient Insurance.

Trading volumes in the capital fell closer to average levels yesterday, due to a comparatively quiet day for recent fav­ourite Eshraq Properties.

The developer’s shares closed 7.5 per cent lower at Dh1.11, breaking a three-day winning streak, during which the stock rose by nearly 18 per cent.

In Saudi Arabia, the Tadawul finished the day up 1.6 per cent, on the back of gains by Almarai, Sabic and Jabal Omar Development.

In Doha, the Qatar Exchange closed 0.4 per cent lower at 9,740.80, dragged by QNB and Industries Qatar.

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