Mixed fortunes on UAE bourses

Shares in Dubai ended the day in negative territory as investors booked profits, while a recovery in Etisalat stocks pushed Abu Dhabi’s headline index into the green.

The Dubai Financial Market General Index shed 1.4 per cent to 3,350.18, its sharpest fall in more than a week, as investors booked gains.

“Investors have a mainly short- term perspective these days, so if they’re sitting on a bit of pro­fit they’ll tend to book it sooner rather than later,” said Muhammad Shabbir, the head of equities at Rasmala Investment Bank in Dubai.

Profit-taking was most in evi­dence with Dubai Parks and Resorts, which dropped 5.5 per cent to Dh1.36, after surging by 14.2 per cent on Sunday.

Dubai Islamic Bank and Emaar Properties fell by 2.2 and 1.4 per cent respectively.

Aramex was the pick of a handful of Dubai gainers, rising 2.2 per cent to Dh3.23.

In Abu Dhabi, shares enjoyed a mini-rally during the final hour of trading, closing up 0.8 per cent at 4,498.57.

Shares in Etisalat, which had fallen more than 6 per cent since last Tuesday on disappointing guidance for the year ahead, bounced back yesterday, rising 3.1 per cent to Dh18.25.

Aldar Properties and UNB were among the other big-name gainers, rising 3.9 and 2.8 per cent respectively.


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John Everington

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