Investors take their gains as DFM falls

Shares in Dubai had their first negative close of the year as investors booked profits following eight straight sessions of gains. Abu Dhabi’s headline index also finished slightly lower.

Shares in Dubai had their first negative close of the year on Wednesday as investors booked profits following eight straight sessions of gains.

Abu Dhabi's headline index also finished slightly lower, while Saudi Arabia's Tadawul fell below the 7,000 mark for the first time since late November.

The Dubai Financial Market General Index closed nearly 0.1 per cent lower at 3,721.62, breaking an eight-day winning streak where the headline index gained nearly 6 per cent.

DIB and Emirates NBD led a sell down of blue chip names, closing off 1.2 per cent and 2.3 per cent.

Mashreq and Emaar Malls were the pick of the gainers, finishing up 15 per cent and 1.9 per cent, respectively.

Du shares closed 0.5 per cent lower at Dh6.20, ahead of a general assembly meeting that included a shareholders’ vote to trim the telco’s share capital.

The Abu Dhabi share index finished 0.1 per cent lower at 4,662.86, following four straight sessions of gains, even as more shares finished higher than lower. FGB shares weighed on the capital’s headline index, finishing 0.8 per cent lower at Dh13.20, cancelling out gains by NBAD and RAK Properties.

Saudi shares continued to correct on Wednesday, with investor uncertainty compounded by jitters over the prospect of further spending cuts.

The Tadawul finished lower for its fourth straight session closing 1.6 per cent off at 6,894.65, dragged by Jabal Omar, Samba and Etihad Etisalat. The Qatar share index fell by around half a per cent before recovering to close up 0.04 per cent, thanks to gains by QNB and Ezdan Holding.

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