UAE stocks grind to a halt before Ramadan

Abu Dhabi’s stock market was the only bourse to move more than half a per cent in the Arabian Gulf region on Wednesday as trading dwindled on the last day before the start of Ramadan.

The Abu Dhabi Securities Exchange General Index closed up 0.7 per cent at 4,580.12. Just 31.6 million shares on the headline index changed hands during the trading session, making it the index’s second-slowest day of the year so far.

Etisalat, the most heavily weighted stock on the index, was the pick of only five companies on the index for which more than a million shares traded, closing up 0.8 per cent at Dh11.60.

Of the other four, Eshraq Properties and Abu Dhabi Commercial Bank slipped back 1.4 per cent and 0.8 per cent, respectively, while Dana Gas and Aldar Properties ended the day unchanged.

The Dubai Financial Market General Index rose 0.2 per cent to 4,087.05. The DFM itself was the best-performing stock on the index, rising by 2 per cent to Dh2.

Arabtec was among the bourse’s retreating stocks, closing down 1.8 per cent at Dh2.60.

Outside of the main index, Amlak Finance’s volatile run continued, with the lender’s shares closing down 5.5 per cent at Dh2.05.

Saudi Arabia and Oman were the only bourses in the region to post losses, ending down less than a tenth of a per cent and 0.3 per cent, respectively.

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