ABU DHABI: Shares in the UAE closed marginally higher on Sunday, with trading volumes hitting multi-week lows ahead of the holiday season. Saudi shares likewise ended the day in the black, while the Qatar Exchange remained closed for the country’s national day.
The Abu Dhabi Securities Exchange General Index led gains for the day across the Arabian Gulf region, closing 0.8 per cent higher at 4,496.53, with trading volume on the bourse hitting a 10-week low. Just five stocks had trading volumes in excess of one million shares for the day, with about two thirds remaining untraded. Shares in FGB led gains, closing up by 2 per cent at Dh12.70, with Etisalat and Abu Dhabi National Hotels the other main risers, cancelling out losses by Aldar Properties and RakBank.
The Dubai Financial Market General Index rose by nearly a per cent in early trading, but gradually gave up gains throughout the day, finishing almost unchanged – up by 0.01 per cent – at 3,554.69. DIB and Emaar Malls led gains on Dubai’s quietest trading day in six weeks, closing up 1.3 per cent and 2.7 per cent, respectively.
Shares in du, meanwhile, finished down by 1.5 per cent at Dh6.06, after the telco announced plans to cancel 38.5 million shares, representing 0.8 per cent of its share capital. Arabtec and Dubai Investments also fell. Shares in Saudi Arabia dipped in early trade before recovering to end the day up 0.6 per cent at 7,137.62, thanks to gains by Saudi Electricity and Sabic. The kingdom’s banks, which closed up strongly on Thursday, closed lower, with Al Rajhi Bank and Arab National Bank leading sell-offs.
