Stock markets in the UAE and oil retreated yesterday as emerging markets weakened on speculation over the expected timing of a US interest rate hike this year.
The Abu Dhabi Securities Exchange and the Dubai Financial Market edged down 0.2 per cent, while Brent crude lost about 1.6 per cent to trade at US$64.46.
Aldar fell 1.4 per cent to close down at Dh2.73. FGB and Abu Dhabi Commercial Bank were the most traded by value on the ADX yesterday, each rising less than 1 per cent.
National Marine Dredging Company pared its Monday gains, falling 3.6 per cent to Dh5.3 per share. Bank of Sharjah fell 3 per cent to Dh1.6 per share.
Emaar was the most traded stock on the DFM, climbing 0.5 per cent to Dh8.05. Dubai Parks and Resorts also rose 1 per cent.
Marka was the DFM’s biggest gainer, after the company said it acquired a majority stake in the UK e-commerce business Icons Shop. The company’s shares rose 5.7 per cent to close at Dh1.30.
On the DFM, Gulf Navigation fell 2.8 per cent to 34 fils, while Amanat Holdings lost 1.9 per cent.
The MSCI Emerging Markets index fell 0.2 per cent. The Saudi Tadawul index closed up 0.8 per cent, while the Egyptian Exchange lost 0.8 per cent.
abouyamourn@thenational.ae
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