UAE shares edge up on quiet day

Disappointing results from Saudi Electricity dragged shares in the kingdom lower on Wednesday.

The UAE bourses ended a quiet day slightly higher.

The Tadawul rose slightly during the middle of the trading session before easing lower to finish 0.3 per cent down at 6,853.45.

Saudi Electricity shares finished 3.3 per cent lower, after the utility announced deepening losses for the three months to the end of December.

Shares in Jabal Omar led gains, closing up 1 per cent, after the largest property developer in the kingdom said it planned to launch projects outside its core market of Mecca, and was considering a fresh sukuk issuance.

Stock markets in the UAE finished higher in thinner trading, ahead of anticipated fourth-quarter earnings reports next week from Dubai Islamic Bank, Mashreq and NBAD. Shares in Dubai were down by as much as 0.7 per cent in the early afternoon, before closing up 0.6 per cent at 3,694.14. Emaar Properties and DIB gained late in the day, finishing up 1.3 per cent and 1.4 per cent, respectively, with Damac Properties and Shuaa Capital also rising.

DXB Entertainment shares, meanwhile, closed down 2.4 per cent at Dh1.21, their lowest level in nine months.

The Abu Dhabi Securities Exchange General Index finished up 0.7 per cent at 4,695.91, with banking stocks registering strong gains. FGB led the pack, ending 1.5 per cent up at Dh13.40, with ADCB, NBAD and ADIB all performing strongly.

In Doha, the Qatar Exchange broke a five-day winning streak, closing down 0.4 per cent owing to drops by heavyweight names Ezdan Holding and QNB.

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