Shares in the UAE ended the week on a downbeat note, even as oil prices held their ground in the run-up to the Opec meeting.
Brent crude futures traded at about $49 a barrel in late afternoon, after the Saudi oil minister Khalid Al Falih urged Opec to “steward the market” to help balance supply and demand, before Opec’s biannual meeting in Vienna.
The Dubai Financial Market General Index fell by 1.5 per cent to 3,262.97, its lowest level in more than a week.
Emaar Properties and DIB acted as anchors on the index, closing down 1.7 and 1.2 per cent, respectively.
As investors booked profit in Shuaa Capital following gains on Wednesday, the investment bank’s shares fell by 4.3 per cent to 66 fils.
Dubai Investments was the pick of just five gainers in Dubai, rising 0.52 per cent after chief executive Khalid Kalban said the conglomerate was in talks with banks for a US$300 million loan.
In the capital, the Abu Dhabi Securities Exchange General Index finished a quiet day of trading 0.7 per cent lower at 4,254.76, owing to a sell-off in banking stocks.
FGB, the index’s heaviest weighted stock, finished 1.2 per cent lower at Dh11.70, while ADCB and NBAD finished 3.5 and 1.9 per cent lower, respectively.
Etisalat and ADIB were among the five gainers in Abu Dhabi, rising by 0.2 and 0.27 per cent, respectively.
The Bahrain Bourse All Share Index led gains across the Gulf region, ending up almost 1 per cent higher at 1,116.25.