Dubai Financial Market notches sixth week of losses

UAE shares ended the week on a positive note, clawing back their losses from Wednesday’s trading session in line with an increase in European and selected Asian markets.

However the country’s two main stock exchanges once again ended in the red for the week, with significant buying power yet to return to the market.

Du in Dubai and Abu Dhabi’s UNB and Waha Capital were among only a handful of stocks to end the week in the black.

The Dubai Financial Market General Index broke a three-day losing streak on Thursday, ending up 1.6 per cent at 3,570.37, on the quietest day of trading for more than two weeks.

But the index closed down 2.1 per cent lower for the week, for its sixth consecutive week of decline.

Emaar Properties and Dubai Investments were among the market’s best-performing shares on Thursday, closing up 3.7 per cent and 2.1 per cent.

Abu Dhabi shares told a similar story; the capital’s headline index ended the day up 0.6 per cent at 4,378.14, but down 1.8 per cent for the week. The index has now posted weekly falls for four consecutive weeks.

Aldar Properties and FGB were among the main gainers on Thursday, ending up 1.7 per cent and 1.4 per cent respectively.

European shares were up for a second day in a row in trading on Thursday afternoon, as a public holiday in China offered global markets some respite from recent turbulence caused by concerns over the slowing pace of economic development in the country.

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John Everington

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