Shares in the UAE began brightly yesterday but ended the day little changed, even as Saudi Arabia’s bull run shows few signs of running out of steam.
The Dubai Financial Market General Index rose by about 1 per cent in early trading before drifting lower to close up just 0.09 per cent, at 3,280.92.
Aramex was the pick of the day’s big-name gainers, rising by 1.9 per cent to Dh3.72, while index bellwether Emaar Properties fell 0.3 per cent to Dh6.64.
Shares in Damac Properties ended the day nearly half a per cent lower at Dh2.18, after the property developer announced a 11.7 per cent fall in third-quarter profits.
Abu Dhabi shares rose in morning trading, but gradually gave up gains to close 0.09 per cent lower at 4,288.20.
Trading in the capital was dominated by Eshraq Properties, which accounted for more than two-thirds of total shares traded on the bourse yesterday. Shares in the developer, which is due to announce a series of “upcoming projects” today, soared 15 per cent to 92 fils, the highest level in 18 months.
Etisalat and ADCB acted as a drag on the index, closing 0.8 per cent and 1 per cent lower.
ADIB was the pick of a handful of big-name gainers, rising 0.8 per cent to Dh3.50.
Shares in Saudi Arabia extended their longest winning rally since 2014, as market exuberance following last month’s US$17.5 billion bond issue continues. The Tadawul ended the day 1.5 per cent higher at 6,197.68.
Egyptian equities also extended gains following last week’s currency flotation, the EGX 30 ending 5.3 per cent higher.
jeverington@thenational.ae
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