Shares in the UAE and across the Arabian Gulf were little changed on Tuesday, in line with global stock indices.
European stocks were flat on Tuesday afternoon ahead of the first-quarter earnings season, with the Euro Stoxx 50 trading barely changed.
Brent crude futures were up 0.1 per cent in afternoon trade despite speculation that US drilling activity is increasing.
The Dubai Financial Market General Index traded higher in the morning before retreating in the afternoon session to finish virtually almost unchanged, 0.04 per cent lower at 3,535.22.
Shares in Dubai Islamic Bank led gainers in Dubai after the bank said its first- quarter profit rose 4 per cent to Dh1.04 billion. The bank’s shares closed up 0.9 per cent at Dh5.80. Aramex and Dubai Investments were among the index’s other big name gainers. DXB Entertainments and Air Arabia fell following recent stock downgrades, closing 1 per cent and 1.9 per cent lower, respectively.
The Abu Dhabi Securities Exchange General Index closed nearly 0.2 per cent lower at 4,562.99, dragged down by First Abu Dhabi Bank (ticker: NBAD). The newly merged bank’s shares fell for a fourth straight day, ending 0.5 per cent lower at Dh10.90, while remaining close to their highs for the past 12 months on the back of last week’s gains. ADIB and Taqa also finished lower. Etisalat and ADCB were the pick of the gainers, each rising 0.6 per cent.
In Saudi Arabia, the Tadawul closed about 0.4 per cent lower, with gains by Sabic and Alinma Bank negating falls by Saudi Cement and STC.
Shares in Kuwait bucked the general trend across the Arabian Gulf, with the local index closing 0.3 per cent higher.
jeverington@thenational.ae
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