Dubai stocks began the week in bearish mood on Sunday, with construction stocks leading an index-wide sell-off.
Saudi stocks closed lower as terrorism-related litigation against two of the kingdom’s largest banks spooked investors. Abu Dhabi stocks also fell.
The Dubai Financial Market General Index fell down 1.6 per cent at a two-week low of 3,453.22, with Arabtec acting as the main drag.
Arabtec’s shares closed down at a new all-time low of 81 fils, ahead of a vote by shareholders on the company’s capital restructuring programme.
Fellow construction company Drake & Scull International followed Arabtec lower, closing down 7.3 per cent at a one- year low of 42 fils.
Aramex and Amanat were the sole gainers in Dubai on Sunday, closing up 1.5 per cent and 0.9 per cent, respectively.
In Saudi Arabia, the Tadawul closed down 1 per cent, after Al Rajhi Bank and NCB were among Saudi entities named in a US$4.2 billion lawsuit by US insurers over the Al Qaeda attacks in the US on September 11, 2001. Al Rajhi shares closed almost 2.3 per cent lower, with NCB finishing down about 2.4 per cent.
The Abu Dhabi Securities Exchange General Index ended the day down 0.6 per cent at 4,489.20, dragged lower by Etisalat and ADCB.
Aldar Properties shares closed 2.7 per cent lower at Dh2.16, ahead of the announcement on Monday of a new residential development before the Cityscape Abu Dhabi exhibition.
Shares in First Abu Dhabi Bank (ticker: NBAD), meanwhile, broke a six-day losing streak, finishing the day up 0.9 per cent at Dh10.75.
jeverington@thenational.ae
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