UAE shares fall in thin post-holiday trading

UAE markets slipped amid the lowest trading volume of the year on Sunday as bourses reopened following the Eid holidays.

Less than 100 million shares changed hands on the Abu Dhabi and Dubai stock exchanges, compared with the daily average of 395.4 million this year.

Local shares ended in negative territory in spite of Friday’s positive performance by global equities, after Janet Yellen, the chairwoman of the US Federal Reserve, said she expected interest rates to rise before the end of the year.

Dubai’s headline index fell 0.5 per cent to 3,612.7. Aramex was among the major decliners, shedding 2.8 per cent to Dh3.12.

Arabtec Holding and Emaar Properties lost 2.7 per cent and 0.7 per cent respectively.

Amanat Holdings rose 1.1 per cent to 71 fils, while Air Arabia edged up 0.71 per cent to Dh1.42.

In the capital, the Abu Dhabi Securities Market General Index fell 0.4 per cent to 4,494.87, weighed down by banking stocks.

National Bank of Abu Dhabi fell 2.5 per cent to Dh9.55, while ADCB dropped 0.9 per cent to Dh7.90.

Arkan Building Materials was the best performer, closing up 4.2 per cent at 98 fils, while RAK Properties closed up 1.5 per cent at 64 fils.

Oman’s Muscat Securities Market was the only other Arabian Gulf stock market to reopen on Sunday, closing up 0.1 per cent at 5,775.03.

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John Everington

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