Markets Update: UAE markets were mixed at the end of the trading week. Abu Dhabi tracked depressed global markets, while Dubai was lifted by buying activity as stocks hit fresh lows.
Banks weigh down Abu Dhabi
Abu Dhabi's stock market ended the week in the red, weighed down by banks, after Germany failed to attract enough bids for its 10-year bonds.
First Gulf Bank declined 2.4 per cent to Dh14.25 a share. National Bank of Abu Dhabi, the country's second-biggest lender by assets, lost 0.4 per cent to Dh10.15. The Abu Dhabi Exchange General Index closed 0.4 per cent lower to 2,418.13.
"Our eyes are outside and not on regional news," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.
Germany failed to reach its maximum sales target of €6 billion at an auction of securities due in January 2022. Total bids amounted to €3.88bn, falling short by 35 per cent, Bloomberg News reported.
Buying activity in Dubai's market picked up after stocks hit an eight-month low, Mr Shurrab said. EmiratesNBD, the country's biggest lender by assets, rose 0.9 per cent to Dh3.31. Gulf Navigation, the emirate's only public traded oil tanker owner, rose 0.4 per cent to 22 fils a share. The Dubai Financial Market General Index added 0.1 per cent to 1,348.59.
Elsewhere in the region: Kuwait's measure declined 0.2 per cent to 5,782; Bahrain's index was unchanged at 1,161.34; Oman's MSM 30 Index rose 0.1 per cent to 5,428.52; Qatar's QE Index lost 0.1 per cent to 8,564.59. The Saudi Tadawul was closed for the day.