UAE markets little moved in mixed trading

The Dubai Financial Markket’s headline index rose 0.1 per cent at 4,092.30 on a quiet day of trading. In the capital, Abu Dhabi shares closed down 0.55 per cent at 4,697.1.

The Dubai Financial Market General Index rose 0.1 per cent at 4,092.30. Ali Haider / EPA

Shares in the UAE were mixed yesterday as Dubai’s stock market inched up and Abu Dhabi’s fell.

The Dubai Financial Markket's headline index rose 0.1 per cent at 4,092.30 on a quiet day of trading.

Amanat Holdings was the main gainer, ending up 3.3 per cent at 93 fils. Dubai Financial Market, the only publicly listed bourse operator, lost 1 per cent at Dh1.96, trimming Monday’s gains.

Amlak Finance had a comparatively quiet day, closing up just 0.3 per cent at a new high of Dh2.79.

In the capital, Abu Dhabi shares closed down 0.5 per cent at 4,697.1, as index heavyweights FGB and Etisalat lost 0.9 per cent and 0.7 per cent, respectively.

Abu Dhabi Ship Building was the day’s best performer, while Dana Gas was one of the top stocks, ending up 6.5 per cent at 49 fils, its highest close since early May.

Taqa surged 14 per cent in early trading, following a report that the Abu Dhabi government was considering merging the energy company with another state-owned entity to help turn around its performance.

The company’s shares eventually rose 5.7 per cent at 74 fils, their highest close in more than three weeks.

Doha’s Qatar Exchange was the only bourse in the Arabian Gulf region to move more than 1 per cent, shedding 1.2 per cent at 12,049.10.

Earlier yesterday, most Asian stocks advanced, led by Korea’s Kospi and Hong Kong’s Hang Seng, which ended up 1.1 per cent and 1 per cent, respectively.

China’s Shanghai Composite erased gains of the previous day, shedding 5.2 per cent.

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