UNB profit decline hits Abu Dhabi bourse

Poor results from Union National Bank weighed on the banking sector, dragging the Abu Dhabi index into negative territory.

UNB, the emirate’s fourth-largest bank by market capitalisation, fell 3.8 per cent to Dh5.78, the lowest level in two months, after the bank reported a 12.4 per cent fall in third-quarter profit.

National Bank of Fujairah shed 10 per cent at Dh3.87, while the index heavyweight FGB closed down 0.3 per cent at Dh13.45.

Sharjah Islamic Bank closed down 5.4 per cent at Dh1.56, in advance of the bank reporting a 1.1 per cent rise in third-quarter profit.

The Abu Dhabi Securities Exchange General Index closed 0.2 per cent lower at 4,472.50.

In Dubai shares rose by nearly 1.7 per cent in early trading, before paring gains to close up just 0.2 per cent at 3,598.78.

Emaar Malls and Dubai Investments were the two main blue chip gainers, finishing up 1.3 and 1.2 per cent respectively.

Gulf Navigation hit a new high for the year, in the busiest day of trading for more than three months. The shipping company’s shares closed up 12.6 per at 53.4 fils apiece, with over 88 million shares changing hands.


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