Buying power on UAE stock markets in short supply

UAE shares shrugged off modest early gains yesterday as buying power on the country’s two main stock exchanges remained in short supply.

The Dubai Financial Market General Index rose by 1.5 per cent during the first hour of trading, before closing up just 0.47 per cent at 3,558.82 on a quiet day of trading.

Arabtec and du were among the best-performers on the index, rising by 3.7 per cent and 2.6 per cent, respectively.

Shares in Emaar Malls rose by 1 per cent to Dh2.86 after HSBC raised the stock to buy from hold yesterday morning.

However, its parent company Emaar Properties retreated 0.1 per cent to close at Dh6.29.

Emirates NBD and Dubai Parks and Resorts lead the laggers, closing down 1 per cent and 0.8 per cent, respectively.

Abu Dhabi shares meanwhile opened up marginally before closing down 0.5 per cent at 4,386.92, dragged down by banking stocks.

FGB, the heaviest-weighted stock on Abu Dhabi’s headline index, ended the day down 1.4 per cent at Dh13.60. ADCB and ADIB registered losses of 1.9 per cent and 1.8 per cent, respectively.

At the other end of the spectrum, RAK Cement and Aldar Properties rose by 4.6 per cent and 1.3 per cent.

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