Markets Wrap: Investors in Abu Dhabi and Dubai reduced bets on riskier assets, with markets shut on Thursday to mark the Islamic New Year.
Lacklustre trading on UAE markets ahead of long weekend
Trading activity was lacklustre on the local exchanges yesterday as investors reduced bets on riskier assets ahead of a long weekend in observance of the Islamic New Year.
Trading will resume on Sunday.
With stock markets closed as international markets and eurozone finance ministers grapple with Greece's worsening debt crisis, investors have opted from building up shares in local equities, said brokers.
"We're coming on a long weekend, there is no catalyst in the market," said Nabil Al Rantisi, the managing director of brokerage at Mena Corp in Abu Dhabi.
"All the results are out and markets are stabilising."
Banking stocks led the declines in Abu Dhabi. First Gulf Bank lost 1.4 per cent to Dh10.45. Abu Dhabi Islamic Bank, the biggest lender complying with Sharia rules, slipped 0.6 per cent to Dh3.21. Union National Bank fell 1 per cent to Dh2.97.
The ADX General Index slipped 0.1 per cent to 2,691.34 points.
Drake & Scull International gained 0.8 per cent to 79 fils after Dubai's second-biggest contractor secured contracts worth Dh318.5 million in Abu Dhabi and Saudi Arabia.
Air Arabia, the region's biggest budget carrier, added 0.2 per cent to 71 fils.
The DFM General Index added 0.1 per cent to 1,616.81.