Shares in the UAE finished lower on Tuesday, as investors booked profits from sharp gains registered in the previous session.
Saudi shares fell for the second consecutive day, while Qatar, Oman and Kuwait all finished in positive territory.
Oil prices, which rose to a 17-month high on Monday, retreated slightly, with Brent trading at about US$56.30 a barrel late in the afternoon.
The Dubai Financial Market General Index, which on Monday rose to its highest level for the year so far, fell about 1.5 per cent in early trading before paring losses to finish about 0.9 per cent lower at 3,625.23.
Shares in du were among the worst performing big names, closing 2.8 per cent lower at Dh6.31. Emaar Properties and Aramex also dragged on the index, finishing 1.3 per cent and 4.3 per cent lower, respectively.
GFH shares rose by 3.2 per cent to Dh1.93, after the Bahraini investment group announced that Arab Petroleum Investments Corporation had acquired 30 per cent stake in subsidiary Falcon Cement for an undisclosed sum.
The sell-off was more muted on the Abu Dhabi Securities Exchange General Index, which finished the day 0.2 per cent lower at 4,539.91. Etisalat and NBAD ended 0.5 per cent lower, cancelling out gains by mid-range stocks including Agthia and Dana Gas. Taqa, which finished up 5.7 per cent on Monday on the back of higher oil prices, closed 1.8 per cent lower on Tuesday.
In Saudi Arabia, the Tadawul finished 0.7 per cent lower, dragged down by Dar Al Arkan, Jabal Omar and Sabic.
In Doha, the Qatar Exchange closed up 0.7 per cent, thanks to gains by QNB and Ooredoo.
jeverington@thenational.ae
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