Benchmarks in Dubai and Abu Dhabi headed in opposite directions yesterday, the first day of trade since the death of Saudi Arabia’s King Abdullah.
The Dubai Financial Market General Index ended 0.5 per cent lower at 3,862.25 points, while the Abu Dhabi Securities Exchange General Index closed up 0.96 per cent at 4,570.22.
Property stocks were some of the biggest losers of the day in Dubai, after the Dubai Courts announced an expanded list of more than 150 cancelled developments in the emirate.
Deyaar was the index's biggest loser with its shares dropping 4.1 per cent to 83 fils. The cooling company Tabreed, Emaar Malls and Dubai Parks and Resorts all fell by more than 2.5 per cent.
On the ADX, gains by banking stocks offset falls by Aldar Properties, Eshraq Capital and Dana Gas. The index heavyweight FGB rose 3.9 per cent to Dh17.30. NBAD and ADIB rose 2.6 per cent and 1.5 per cent, respectively.
Qatar’s index rose 1.3 per cent, with shares of Qatar National Bank rising 3.9 per cent.
Stock markets in Saudi Arabia, Oman, Kuwait and Bahrain remained closed yesterday to mark King Abdullah’s passing.
jeverington@thenational.ae
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