Arabtec leads losses as Dubai Financial Market slips

Dubai shares closed slightly lower on Monday in volatile trading, despite surging Japanese stocks that sparked a worldwide equity rally.

The Nikkei shrugged off news of a 1.4 per cent contraction in Japan’s economy during last year to finish the day up 7.2 per cent, its largest one-day gain since September, after the yen recovered from a 15-month low against the dollar.

The rise sparked a rally across Asia, with Hong Kong and Singapore closing up 3.2 per cent and 2.6 per cent respectively, with European indexes also opening higher.

Dubai’s headline index by contrast fell 0.2 per cent at 3,003.95, after trading more than 1 per cent lower around midday.

Arabtec led losses among big-name stocks, falling 3.6 per cent to Dh1.06, following Sunday’s postponement of the company’s annual general meeting for a second time.

Shuaa Capital and Gulf Navigation were among the gainers, rising 4.5 per cent and 3.5 per cent respectively.

Abu Dhabi’s headline index drifted lower throughout the day, but closed up 0.7 per cent at 4,107.42 thanks to a last-minute spate of trades in blue-chip names.

Aldar Properties dropped 0.8 per cent at Dh2.36, despite the developer’s fourth-quarter profit coming in ahead of expectations.

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John Everington

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