UAE shares were mixed in quiet trading on Monday, as weak oil prices weighed on European bourses.
Most other Arabian Gulf indexes closed in positive territory, even as Saudi stocks broke a four-day winning streak.
Brent crude futures fell to just above US$51 per barrel on lingering concerns over high US inventory levels, with JP Morgan cutting its average price forecast for 2017 to $55.50 per barrel from $58.25 previously.
Energy stocks acted as a drag on European indexes. The Euro Stoxx 50 was down by around 0.22 per cent in the late afternoon, with the FTSE 100 0.11 per cent lower.
The Dubai Financial Market General Index was little changed in the morning before drifting lower to close down 0.5 per cent on the index’s quietest trading day in three weeks.
“As dividend expiry dates have passed, participants are standing aside, waiting for a catalyst to become involved again,” said Hani Konquar, the team leader for Mena equity sales and trading at Mubasher Financial Services in Dubai.
Emaar Malls and Union Properties led big-name stocks lower, closing off 1.9 per cent and 2.6 per cent respectively.
Emaar Properties was the pick of just three gainers, closing up 0.1 per cent.
Volumes fell to a fresh low for the year in Abu Dhabi, where stocks closed up 0.9 per cent at 4,457.75.
FGB and Etisalat were the pick of the gainers, finishing up by 1.6 per cent and 1.1 per cent.
In Saudi Arabia, the Tadawul closed down by 0.48 per cent, dragged lower by Al Rajhi Bank and Makkah Construction and Development.
jeverington@thenational.ae
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