UAE stocks ended flat on Sunday, as volatility in international stocks and oil prices continued to influence equity markets.
The international benchmark crude Brent ended Friday down 3.7 per cent at US$33 per barrel. West Texas Intermediate also fell 3.6 per cent to $29.64 per barrel.
US stocks hardly moved on Friday, with the Standard & Poor’s 500 Index ending flat, Dow Jones Industrial Average losing 0.1 per cent, and the Nasdaq Composite Index gaining 0.3 per cent.
“All the fundamentals are priced in,” said Muhammad Shabbir, Rasmala Investment Bank’s head of equity funds and portfolios in Dubai. “Volatility [in stocks] is linked to the volatility in the oil price and international equity markets. The regional markets are waiting for direction from the international markets.”
The Dubai Financial Market General Index closed up 0.03 per cent to 3,093.90. Arabtec shares rose 8.3 per cent to Dh1.17. The company posted a full-year net loss of Dh2.3 billion for 2015 versus a profit of Dh215 million a year earlier.
The Abu Dhabi Securities Exchange General Index closed 0.09 per cent down at 4,208.93. Aldar fell 1.2 per cent to Dh2.46. The energy firm Taqa shed 4.6 per cent to Dh0.41.
dalsaadi@thenational.ae
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