UAE shares track global sentiment

Bourses worldwide rose on Thursday following the Dow Jones Industrial Average’s breach of the 20,000 mark for the first time.

UAE shares finished the week on a positive note, as global equities cheered the Dow Jones Industrial Average’s breach of the 20,000 mark for the first time.

Bourses worldwide rose on Thursday following the Dow’s achievement, along with positive fourth-quarter earnings and the early days of Donald Trump’s presidency boosted hopes of an uptick in economic growth this year.

Japan’s Nikkei closed up by 1.8 per cent. The FTSE 100 rose following the release of better than expected GDP growth data in the UK for the fourth quarter, trading up around 0.2 per cent late on Thursday. The Euro Stoxx 50 rose as much as 0.5 per cent before giving up gains in afternoon trading.

In the UAE, Dubai shares recovered from early sell-offs to finish the day up 0.6 per cent at 3,701.46.

Emaar Properties and DXB Entertainment led big-name gainers, closing up 1.5 per cent and 5.3 per cent respectively.

Mashreq led a handful of losers, after the bank announced a 21 per cent fall in fourth-quarter profit on Wednesday. The bank’s shares, which gained nearly 30 per cent in three sessions before its earnings announcement, fell 10 per cent on Thursday to Dh90.05.

Shares in Abu Dhabi rose by 0.4 per cent to 4,624.17 thanks to a late surge by Etisalat, on the quietest day of trading on the index in three weeks.

The telco’s shares finished the day up 0.6 per cent at Dh18.25, with National Bank of Umm Al Qaiwain and Al Waha Capital also rising. FGB finished 0.8 per cent lower at Dh13.20.

In Saudi Arabia, the Tadawul closed up 0.09 per cent, after index provider MSCI praised recent market reforms.

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