UAE shares defied a regional sell-off on Wednesday to finish in positive territory, as European and US stocks trended higher in early trade.
The FTSE 100 was up by less than 0.1 per cent late on Wednesday afternoon and the pound rose against the US dollar following the release of better than expected UK unemployment figures. The Euro Stoxx 50 was up about 0.9 per cent.
US shares were poised to open higher, buoyed by better than expected quarterly results from Microsoft and Morgan Stanley.
Arabian Gulf equities endured a mixed day because of disappointing non-UAE company earnings, with Bloomberg’s GCC 200 Index down by less than 0.1 per cent.
Shares in Dubai drifted lower at the open, before gaining gradually throughout the day to end up 0.5 per cent at 3,546.52, led by Emaar Properties and Arabtec Holding.
Dubai Investments and DIB were among only seven stocks on the Dubai bourse to finish lower, closing off 0.4 per cent and 0.37 per cent, respectively.
In the capital, the Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,612.38, boosted by Aldar Properties and FGB. Aldar's shares rose by 4 per cent to a new high for the year of Dh2.90, after the developer announced Dh440 million worth of contracts for its Nareel Island and Al Merief projects.
Doha’s Qatar Exchange closed down 0.5 per cent, dragged lower by shares in Commercial Bank of Qatar following the announcement of disappointing second-quarter earnings.
Saudi Arabia’s Tadawul closed down 0.2 per cent, after Saudi Electricity Company announced a 28 per cent decrease in earnings for the quarter.
jeverington@thenational.ae
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