UAE stocks ended mixed in lacklustre trade on Thursday as investors awaited the outcome of a vote on a healthcare bill in the United States.
Banks boosted the gauge in Abu Dhabi while Emaar Properties, the biggest publicly traded property company, weighed down Dubai’s main measure.
The Abu Dhabi Securities Market Index advanced 0.3 per cent to 4,495.28, while the Dubai Financial Market General Index fell 0.4 per cent to 3,461.43.
Shares of Emaar dropped 1 per cent to Dh7.25, while in Abu Dhabi the lender FGB gained 0.8 percent to Dh13.
“There was no real incentive to take on additional risk today, given portfolio investors in general are awaiting the vote on the healthcare bill in the US later [in the day], with some portfolio investors seeing any difficulty in the passage of the bill as a sign the rally since November 8 is overdone,” said Sanyalak Manibhandu, head of research at NBAD Securities in Abu Dhabi. “In the event the bill passes, markets could be firmer next week as some investors see the bill’s passage as indicative [of] tax reforms and infrastructure spending also finding support in the US congress. In all, UAE equities were avoiding risk today amid political uncertainty in the US.”
The US president Donald Trump is seeking to rally enough support in the house of representatives to repeal the mandatory healthcare policy that was introduced by former president Barack Obama.
The value of shares traded in Dubai stood at Dh231.4 million compared to the 50-day average of Dh806.3m, while in Abu Dhabi the turnover was Dh120.5m compared to the 50-day average of Dh276.2m.
mkassem@thenational.ae
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