UAE stocks fell slightly on Thursday, brushing off steep declines in oil and Asian equity markets.
The international crude benchmark fell by 1.1 per cent to US$34 per barrel in early trading. China’s CSI 300 index plunged 6.1 per cent, while Hong Kong’s Hang Seng index fell 1.5 per cent.
UAE markets did not react much to the global scene due to profit-taking, according to Sanyalak Manibhandu, the head of research at NBAD Securities in Abu Dhabi.
“We have had a good run over this month,” said Mr Manibhandu. “If oil prices don’t go back to to a new low, I think crude is less important than dividends and earnings. There are AGMs coming up, dividends coming up and that is taking some focus off crude.”
The Dubai Financial Market General Index lost 0.4 per cent to 3,124.07. It is up by 4.8 per cent so far this month and 19.15 per cent since the low of January 21. Emaar Properties fell 1.2 per cent to Dh5.6, while mortgage lender Amlak shed 1.4 per cent to Dh1.35.
The Abu Dhabi Securities Market General Index closed down 0.7 per cent to 4,251.18. It is up 3.5 per cent this month and 13.76 per cent since the year’s low reached on January 21. RAK Properties fell 3.1 per cent to62 fils while United Arab Bank fell 9.8 per cent to Dh3.49.
dalsaadi@thenational.ae
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