Flat day for UAE stocks

UAE stock markets remained mostly unchanged on Wednesday as Brent crude edged down marginally.

The Dubai Financial Market index remained flat, while the Abu Dhabi Securities Exchange gained 0.1 per cent in the day’s trading.

Brent was down 0.5 per cent to US$41.60 in afternoon trading. West Texas Intermediate also fell, declining 0.7 per cent.

The oil price has risen above $40 in recent days on optimism about a deal between Saudi Arabia and Russia to freeze output at current levels.

On the DFM, AirArabia’s stock price fell 1.6 per cent, while Gulf Navigation shares declined 3 per cent.

The mortgage broker Amlak was the day’s biggest gainer, increasing 2.5 per cent to Dh1.65 per share. Drake & Scull’s share price rose 1.3 per cent to 48 fils per share. The construction company was on Wednesday awarded a 340 million Qatari riyal contract to work on Doha’s metro project.

Union National Bank was the biggest decliner on the ADX, falling 4.5 per cent to Dh3.60 per share. Dana Gas fell 3.8 per cent, declining to 51 fils per share.

In the region, bourses in Qatar, Kuwait, Lebanon, Bahrain and Jordan all gained. The EGX30, which tracks the performance of Egypt’s 30 largest stocks, rose 0.8 per cent on Wednesday.

The MSCI Emerging Markets Index was up 0.1 per cent.


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