x Abu Dhabi, UAESaturday 20 January 2018

Dubai market pares gains as week draws to close

Market activity slumps as Dubai's stock index looks set to end the week on a low note, with sharp gains seen after National Day weekend now eroded.

Trading activity fizzled out on Dubai's market this morning, leaving the index poised to erase gains seen after National Day weekend.

The Dubai Financial Market General Index fell 0.2 per cent to 1,382.92, while the Abu Dhabi Securities Exchange General Index was flat at 2,441.13.

Both markets received a lift after six central banks extended swap lines to international banks, and a presidential decree was issued boosting salaries for state workers and creatinga Dh10bn fund for loan and mortgage relief.

The gains led to the biggest jump on Dubai's market since October, but that increase has now fully eroded.

Emaar Properties fell 0.7 per cent to Dh2.74, easing back from gains seen earlier in the week which took the developer of the Burj Khalifa to its highest level since August.

Air Arabia, Etisalat and du were the biggest losers, while Dana Gas rose on the Abu Dhabi market.

Asian stocks fell in early trading on concerns over growing levels of bad debts in the Chinese banking system. The Hang Seng Index fell 0.9 per cent to 19,060.20, while Japan's Nikkei 225 index slid 0.6 per cent to 8,664.58.

Oil prices rose, with Brent crude futures increasing 76 cents to $110.00 per barrel.