UAE bourses close marginally higher

Riyadh’s index was down 1.2 per cent after an hour of trade amid a sell-off in petrochemical shares after oil prices weakened.

Shares across the Arabian Gulf enjoyed a day of respite, with the country’s two main bourses fractionally higher after several days of sell-offs.

Saudi equities proved the exception, however, closing lower on a drop in oil prices.

The Abu Dhabi Securities Exchange General Index ended the day 0.26 per cent higher at 4,198.56, its first positive close in seven trading sessions.

Gains were led by Invest Bank, whose shares rebounded by 9.5 per cent to Dh2.19, following a sharp sell-off on Sunday. Aldar Properties, and Etisalat and ADCB all finished the day higher.

However, FGB, the index’s heaviest weighted stock, closed 0.43 per cent lower at Dh11.65.

Dubai’s headline index ended the day 0.24 per cent higher, thanks to gains from big names including DIB, Emaar Malls and Dubai Investments.

Once again, however, index bellwether Emaar Properties bucked the trend, closing down 0.49 per cent at Dh6.10, its lowest level in more than seven weeks.

Shares in Shuaa Capital were among the best performers on the bourse, following reports that the investment bank, 48 per cent owned by Dubai Group, had cut about 15 per cent of its workforce ahead of a possible stake sale.

The bank’s shares closed up 2.79 per cent at 62.6 fils.

Weakening oil prices affected shares in Saudi Arabia, with the Tadawul All Share Index finishing 3 per cent lower at 6,425.23.

Brent crude prices slipped 2 per cent to 47.73 yesterday after­noon, on signs that global supply levels have held up in spite of disruptions in Venezuela, Canada and Nigeria.

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