UAE shares fell on Wednesday as a lack of catalysts slowed trading volumes further.
Qatari stocks led gains across the Arabian Gulf, while Saudi equities edged higher.
The Dubai Financial Market General Index fell nearly 0.4 per cent to 3,395.21, dragged lower by DXB Entertainments.
Trading volumes dropped to the lowest level in more than two weeks, with sub-US$50 a barrel oil prices and the proximity of Ramadan and the summer season dissuading investors, according to Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.
DXB Entertainment stock fell 5 per cent to a two-year low of 90.9 fils, after it released deeper losses than anticipated for the first quarter.
Shares in Marka fell steeply for the second consecutive session, shedding a further 9.9 per cent following the expiry on the lock-up period of its founders’ shares this week. The retail investment company’s shares closed at an all-time low of Dh1, having shed 24 per cent of their value since the start of the week.
Emirates NBD and Arabtec Holding were among the best performers of the day, closing up 1 per cent and 2.1 per cent, respectively.
Trading volumes in Abu Dhabi hit their lowest one-day level in seven weeks, with the share index closing down 0.1 per cent at 4,581.76.
In Saudi Arabia, the Tadawul closed up 0.2 per cent, thanks to gains by Saudi Electricity. The utility’s shares rose 2.1 per cent after returning to profit in the first quarter. Shares in Qatar rose 1.3 per cent, led by Ezdan Holding and QNB.
jeverington@thenational.ae
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