Regional markets finish mostly flat on the final trading day of the week.
Bourses shrug off Europe's ills
UAE bourses largely ignored Europe's market distress yesterday, finishing mostly flat on the final trading day of the week. The Dubai Financial Market General Index closed 0.1 per cent lower at 1,733.85. The index finished the week slightly up, avoiding a sixth consecutive week in the red, said Saad al Chalabi, an institutional trader at AlRamz Securities in Abu Dhabi. The last time the exchange recorded six straight negative weeks was after the Lehman Brothers collapse in September 2008.
The Abu Dhabi Securities Market General Index closed 0.4 per cent higher at 2,791.49. Abu Dhabi Commercial Bank (ADCB) confirmed it was in talks with the Royal Bank of Scotland to acquire its retail banking business. ADCB's shares moved 0.5 per cent higher to Dh1.83. "Abu Dhabi stocks didn't really react to the global markets sell-off," Mr al Chalabi said. "The index ended (positive) as investors took buying positions on stocks betting on next week's recovery."
The property sector witnessed the highest traded volumes - 15 million shares of a total 44 million traded. RAK Properties closed 2.8 per cent higher at Dh0.49 a share, while Sorouh Real Estate rose 0.4 per cent to Dh2.28. Elsewhere in the region, Kuwait's bourse closed 0.8 per cent lower. Qatar's DSM 20 Index lost 0.5 per cent and Muscat's MSM 20 Index lost 0.3 per cent. Bahrain's All-Share Index lost 0.4 per cent. The Saudi Tadawul Index was closed for the day.