GCC stock markets ended largely unchanged on Thursday, with markets in the UAE holding onto the gains of the past two weeks.
The Dubai Financial Market General Index closed down 0.19 per cent at 3,754.10, its second consecutive day in the red after eight days of gains.
However, the index still ended the week nearly 4 per cent higher than the previous Thursday’s close.
The European benchmark Brent crude, which slumped 6 per cent on Thursday because of a jump in US crude inventories and record Saudi output of 10.3 million barrels a day last month, rallied 2.5 per cent to US$56.97 late afternoon UAE time.
The index heavyweight Dubai Islamic Bank was the main drag on the bourse, with its shares closing down 2.01 per cent at Dh6.35.
Shares in Deyaar Developments and Drake and Scull International were the main gainers, rising by 3.1 per cent and 1.6 per cent respectively.
In the capital, the Abu Dhabi Securities Exchange General Index slipped 0.21 per cent to 4,562.86, the index’s first day in the red since March 29. The index ended the week up half a per cent on last Thursday’s close.
Abu Dhabi Islamic Bank and UNB acted as the main drags, falling 0.53 per cent and 1.8 per cent, respectively.
Eshraq Properties was the main gainer, rising by 6.76 per cent to 79 fils a share.
Saudi Arabia’s Tadawul was best-performing index in the wider Arabian Gulf region to end in the black, ending up 1.1 per cent at 8,950.11.
The Qatar Exchange ended up 0.34 per cent at 11,987.71, with the region’s other main bourses ending down by less than 0.5 per cent.
jeverington@thenational.ae
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