Dubai's stock market rally comes to an end

Dubai shares’ winning streak came to an end on Thursday as investors booked gains on a quiet day of trading after seven straight of gains.

Shares in the capital, meanwhile, closed marginally up.

Some of the country’s largest banking stocks took a hit after the UAE Central Bank’s second-quarter credit sentiment survey found a growing reluctance to lend to individuals and companies, as liquidity in the country tightens.

Dubai Islamic Bank led losses in Dubai, closing down 1.9 per cent at Dh5.45, while Emirates NBD shed 0.2 per cent.

The emirate’s headline share index ended the day 0.3 per cent lower at 3,741.90, with trading volumes a third lower than the daily average for the past 12 months.

Shares in Arabtec ended unchanged at Dh1.50, after the construction firm announced it had secured a Dh400 million debt facility from its shareholder Aabar.

Large banks also acted as the main drag on stocks in Abu Dhabi, with FGB and NBAD falling by 0.8 per cent and 0.5 per cent, respectively.

However, the Abu Dhabi Securities Exchange General Index ended the day 0.06 per cent higher at 4,776.73, supported by Etisalat.

The telco’s shares closed up 1 per cent at an all-time high of Dh19.90.

Shares in UNB rose 0.2 per cent to Dh4.46, after the bank posted better than expected second quarter profits.

The Qatar Exchange led gains across the region, up 1 per cent. Saudi Arabia’s Tadawul meanwhile ended the day down 0.4 per cent.

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