Dubai's shares declined yesterday, after a four-day holiday in observance of Eid Al Adha. Investor appetite was muted, as other regional markets remained closed yesterday.
Emaar Properties, the developer behind the world's tallest skyscraper, fell 1.6 per cent to Dh3.62. Emaar declined 1.8 per cent on Wednesday after third-quarter profit missed analysts' estimates.
Construction stocks also declined. Arabtec's shares lost 1.9 per cent to Dh2.50, while Drake & Scull International fell 1.6 per cent to 82 fils.
"I don't think investors are back yet," said Nabil Al Rantisi, the managing director of brokerage at Menacorp, an investment company in Abu Dhabi. "Plus most of the regional markets are closed."
In the capital, the second-biggest developer helped the index to inch higher. Sorouh Real Estate, which is in discussions with Aldar over a potential merger, is due to report earnings results soon. Sorouh's shares gained 1.5 per cent to Dh1.33. Sorouh was the most active on the Abu Dhabi Securities Exchange, with 8.81 million shares traded.
Banking stocks also helped to lift the index. National Bank of Abu Dhabi, the second-biggest lender by assets in the Emirates, gained 2.5 per cent to Dh9.96. First Gulf Bank advanced 1.4 per cent to Dh10.35.
Dana Gas, the gas explorer and producer, closed unchanged at 47 fils. It opened as much as 2 per cent higher before paring its gains towards the end of the trading session. The company has US$1 billion worth of Islamic bonds due to mature tomorrow.
The Abu Dhabi Securities Exchange General Index closed 0.5 per cent higher to 2,670.93 points.
The Dubai Financial Market General Index slipped 1.1 per cent to 1,622.10.
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