Dubai stocks ended a three-day winning streak as a global equities rally ran out of steam.
Shanghai Composite’s near 3 per cent gain on the first day of trading after a five-day break failed to rub off on Asian stocks, which mostly ended in negative territory.
Japan’s Nikkei 225 finished down 1 per cent, while the Hang Seng closed 0.7 per cent lower.
The Dubai Financial Market General Index closed 0.1 per cent lower at 3,706.48, its first negative close since Sunday.
Aramex and Arabtec Holding were among the index’s main laggards, closing down 2.1 and 1.5 per cent respectively.
Meanwhile, Emaar Properties closed in the green for the fourth consecutive day – the longest winning streak since July. The developer’s shares closed up 0.5 per cent at Dh6.93.
Abu Dhabi shares ended 0.9 per cent lower at 4,546.46 on a day of thin trading, with less than 47 million shares changing hands.
Banking stocks led the decline. FGB lost 2.1 per cent to Dh13.95 as investors booked gains from earlier in the week, with RAKBank and ADCB shedding 2.1 and 1.7 per cent respectively.
Etisalat, Abu Dhabi’s second-heaviest weighted stock, was the pick of a handful of gainers, closing up 0.3 per cent at Dh14.75. RAK Properties rose 1.64 per cent to 62 fils.
Saudi Arabia’s Tadawul All Share Index led gains across the Arabian Gulf region for the day, closing up 0.84 per cent at 7,666.92.
jeverington@thenational.ae
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