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UAE stock markets end lower for the week

Dubai - The UAE equity markets traded for only two days this week due to Eid Al Fitr holidays.

The UAE stock markets fell on Thursday, losing some of the gains notched up the previous day.

Dubai Financial Market lost 1.15 per cent to close at 1,961.5 points with 25 scrips losing, four gaining and two remaining unchanged. The market was pushed lower by property scrips including Arabtec, Deyaar, and Union Properties, as all of them lost over 4.7 per cent. Arabtec, Deyaar and Shuaa Capital fell five per cent, the maximum lower limit set for the scrips by the regulator after the outbreak of the pandemic in order to support the local markets.

Emaar Malls, Air Arabia, Dubai Islamic Bank and DFM were the only four gainers of the day on Thursday.

Abu Dhabi Securities Exchange index slipped 0.4 per cent to 4,119 points, driven by RAK Properties, Waha Capital, Manazel and Abu Dhabi National Insurance Co.

The UAE equity markets traded for only two days this week due to Eid Al Fitr holidays. Among other regional bourses, Saudi Arabia was closed for holiday, while Bahrain and Oman indexes added 0.5 per cent and 2.2 per cent, respectively, and Kuwait closed flat on Thursday.

Iyad Abu Hweij, managing director of Allied Investment Partners, said the regional markets' trading activity remained subdued due to the Eid holiday shortened week but the recovery in oil prices should be encouraging for the region in the short-term.

waheedabbas@khaleejtimes.com