Shares in the UAE drifted lower for a third straight trading session on Monday, with trading muted ahead of the second-quarter earnings season.
Banking stocks weighed on indexes across the Arabian Gulf region, with most closing slightly lower, even as oil prices rose.
Brent crude futures rose by as much as 1 per cent to US$55.79 per barrel on Monday, on reports of outages at Libya’s largest oilfield.
The Dubai Financial Market General Index ended the day 0.5 per cent lower at 3,536.51, with trading volumes less than a quarter of the daily average for the past six months.
Dubai Islamic Bank and Emirates NBD weighed on the index, falling 1.2 per cent and 2.3 per cent, respectively.
Air Arabia shares fell 0.9 per cent to Dh1.08 apiece, after the stock was cut to underperform by Renaissance Capital.
Aramex shares were the pick of seven gainers, rising by 2.4 per cent to Dh5.20.
In the capital, the Abu Dhabi Securities Exchange General Index closed 0.4 per cent lower at 4,571.67.
Investors continue to sell down stock in First Abu Dhabi Bank (ticker: NBAD) following last week’s rises, with the bank’s shares closing 0.9 per cent lower at Dh10.95 apiece.
Etisalat’s shares closed 0.6 per cent lower at Dh18.10, following the approval of an 80 fils dividend for 2016 by the telco’s shareholders at its annual general meeting on Sunday afternoon.
ADCB led gainers, closing the day up 1.2 per cent at Dh6.90 a share.
Shares in Bahrain led losses across the Arabian Gulf region on Monday, closing 0.9 per cent lower at 1,362.71 because of falls by Ahli United Bank and Arab Banking Corporation.
jeverington@thenational.ae
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