UAE stocks end flat as lower oil hits region

Shares in the UAE bucked a downward trend among Arabian Gulf equities yesterday, as oil prices slipped on an increase in US drilling.

Brent crude futures fell by about 1 per cent to US$55.32 per barrel in early afternoon trading UAE time, as a higher US rig count cancelled out a fall in Libyan exports following violent clashes in the east of the country.

The Dubai Financial Market General Index slipped in morning trade, but recovered throughout the day to finish up 0.4 per cent at 3,556.82, the index’s first gain in six sessions.

Emaar Properties led the rally, rising 1.3 per cent to Dh7.65, following remarks by chairman Mohamed Alabbar that the company would continue to focus on cost efficiencies for another two years.

Arabtec Holding accounted for over a third of trading volume in Dubai, rising 6.4 per cent to 93.4 fils.

Shares in Abu Dhabi gained momentum in the afternoon, ending a quiet day up 0.9 per cent at 4,604.27.

Etisalat was the pick of the big-name risers, closing up 2.9 per cent at Dh18. NBAD and ADCB also rose, finishing up 1.9 per cent and 0.6 per cent respectively.

In Saudi Arabia, the Tadawul finished the day 0.1 per cent higher. The index’s progress was held back by declines in blue chips Jabal Omar Development and National Commercial Bank.

Shares in Qatar led losses across the region, dragged lower by Barwa Real Estate. The company’s shares slumped 8.7 per cent after it went ex-dividend, pulling the Qatar Exchange Index 0.9 per cent lower.

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