UAE shares avert heavy emerging market losses

UAE shares again managed to avoid the heavy losses of their emerging market counterparts yesterday.

The Dubai Financial Market General Index was dragged down by Emaar Properties, closing down 0.3 per cent at 4,041.82, its lowest level in a month.

Emaar, the heaviest weighted stock on the DFM, lost 0.9 per cent at Dh7.70, the lowest close since mid-April.


Drake and Scull continued to decline after a meteoric rise on Thursday and Sunday, falling 2.26 per cent to 82.1 fils.

Shuaa and Amlak were among a handful of gainers, closing up 1.31 per cent and 0.75 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index dipped 0.5 per cent to 4,724.54, led by Etisalat, FGB and NBAD.

Elsewhere in the region, Emaar Misr, an Egyptian subsidiary of Emaar Properties, sank lower on its third day of trading, as Egypt’s headline share index ended in the red for its fifth day in a row.

Emaar Misr shares fell 2.2 per cent to Dh3.47, 8.7 per cent below Sunday’s listing price, while Egypt’s stock market closed down 1.5 per cent to 7,752.94.

jeverington@thenational.ae

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