UAE stocks follow regional retreat

Stock markets in the UAE fell on Wednesday in line with a regionwide retreat.

The Abu Dhabi Securities Exchange General Index lost 0.8 per cent to close at 4,575.32.

Emirates Driving and the energy company Taqa were among the leading performers, up 14.8 per cent and 2.7 per cent, respectively.

But the construction sector lost ground as Umm Al Qaiwain Cement Industries fell 3.4 per cent and the developer Aldar fell 3.3 per cent.

The Dubai Financial Market General Index fell 1.6 per cent to close at 3,992.49. The market is up more than 5 per cent year to date. Companies including Dubai Islamic Insurance, Reinsurance Company and Tabreed led the gainers.

The retail company Marka lost 3.8 per cent a day after the company revealed it was likely to become profitable next year instead of later this year as it consolidated new acquisitions.

The company also reported it had bought a 65 per cent stake in Icons, a football memorabilia company. The deal is expected to cost Marka Dh15.3 million.

Qatari stocks dropped the most in eight weeks after US officials charged at least 10 international football officials as part of an investigation into rigging the selection of Fifa World Cup host countries.

Qatar is due to host the 2022 World Cup.

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