Brent oil hits six-month high but UAE shares fall

Brent crude rises due to disruption in supply states.

UAE shares continued their downwards trend, despite oil prices rising to their highest level in six months.

Brent crude futures rose as high as US$49.10 per barrel at 5.15pm UAE time, after Goldman Sachs revised its forecasts on oil prices upwards because of disruption in key supply states including Nigeria and Venezuela. Rising prices had little effect on regional bourses, however. The Dubai Financial Market General Index ended a thin day of trading 0.46 per cent lower at 3,289.40.

Emaar Properties and DIB were among the big-name losers in Dubai, ending down 1.11 and 0.36 per cent respectively. Dubai Parks and Resorts fell by 1.54 per cent to Dh1.28, two days ahead of the closure of its Dh1.68 billion rights issue.

GFH shed 1.4 per cent, despite the Bahrain-based investment company announcing that its profits nearly trebled to $6.1 million during the first quarter of the year

The Abu Dhabi General Index lost 0.66 per cent, at 4,345.31, with banking stocks pulling the index lower. FGB declined by 2.42 per cent to Dh12.10, while ADCB retreated 1.32 per cent to Dh6. Eshraq Properties fell by 1.28 per cent to 77 fils, despite the developer trimming losses to Dh7m during the first three months, compared with Dh8m a year ago.

Elsewhere, the Tadawul All Share Index rose 0.1 per cent, while Qatar was the GCC’s best performing index rising 0.4 per cent.

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