x Abu Dhabi, UAEWednesday 17 January 2018

Markets end week quietly

Trading remains lukewarm on the country's bourses ahead of the weekend. The Saudi Tadawul was closed for the day and will remain closed on Saturday to mark the return of the country's king.

UAE markets closed the week yesterday with low volumes and little positive momentum.

The Dubai Financial Market (DFM) General Index declined 1.3 per cent to 1,478.78, while the Abu Dhabi Securities Exchange (ADX) General Index rose 0.2 per cent to 2,613.50.

"There is an absence of local investors putting their money into the equities market as negative sentiment from Libya continues to dominate the minds of investors," said Ameed Kanaan, the general manager at AlJazeera Financial Services in Dubai.

Arabtec Holding, Dubai's biggest contractor, declined 3.3 per cent to Dh1.43 a share. Shares of DFM Company, the name under which Dubai's main bourse is traded, declined 0.7 per cent to Dh1.26.

Aldar Properties, Abu Dhabi's biggest developer, declined 4.3 per cent to Dh1.52. Sorouh Real Estate fell 3.4 per cent to Dh1.11.

In a tumultuous period for global markets, the ADX General Index declined 0.7 per cent for the week, while the DFM General Index lost 3.7 per cent.

The Egyptian Exchange remained closed this week and is expected not to reopen until at least Tuesday, but officials will make a decision on Sunday, said Khaled Serry Siam, the chairman of the exchange.

Elsewhere in the region: Kuwait's measure added 0.2 per cent to close at 6,481.10; Bahrain's lost 2.7 per cent to close at 1,432.61; Oman's slipped 0.1 per cent to 6,646.34; and Qatar's gained 0.2 per cent to close at 8,200.50.

The Saudi Tadawul was closed for the day. It will remain closed tomorrow to mark King Abdullah's return home this week from a convalescence in Morocco.