UAE shares mixed in slow trade as oil holds

UAE shares were mixed on a slow day of trading, even as oil prices remained at near highs for the year on supply disruption fears.

Brent crude futures were down a cent at US$48.96 per barrel late on Tuesday afternoon on concerns of tightening supply from important producers including Canada, Nigeria and Venezuela.

The Dubai Financial Market General Index ended another quieter-than-average day of trading 0.35 per cent higher at 3,301.74, thanks to a rebound by index heavyweight Emaar Properties. Its shares rose 2.25 per cent to Dh6.37, their highest one-day gain in more than three weeks.

Emaar Malls and Emirates NBD were the pick of the ­other gainers, rising 0.73 and 0.61 per cent respectively.

At the other end of the spectrum, DIB and Dubai Investments fell by 0.89 and 1.02 per cent.

The Abu Dhabi Securities Exchange General Index closed 0.46 per cent lower at 4,325.23, with Eti­salat and banking stocks acting as an anchor on the index.

The telco’s shares slipped 0.82 per cent to Dh18.05, while United Arab Bank and ADCB closed 9.82 and 1.67 per cent lower, respectively.

Aldar Properties and ADIB were among blue chip gainers on the capital’s headline index, rising 0.77 and 1.04 per cent respectively.

Saudi Arabia’s Tadawul All Share Index closed 0.61 per cent higher at 6,739.79.

Shares in Etihad Etisalat rose 4.25 per cent, after the Saudi telco, part-owned by the UAE’s Etisalat, announced that it had reached an agreement with its lenders to waive defaults on its debt facilities.

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