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30 May 2023

UAE markets close mixed on uncertainty

An Emirati investor reacts while monitoring the stock exchange on the screen at the Dubai Financial Market (PARTICK CASTILLO)


Markets in Abu Dhabi and Dubai close mixed as economic uncertainty and fears over fourth-quarter earnings continue to worry investors.
Abu Dhabi's index extends losses into a sixth session led by Abu Dhabi Commercial Bank and Aldar Properties, which fall 8.22 per cent and 5.7 per cent respectively.
The index ends 1.22 per cent lower to 2,136 points.
Dubai's main benchmark gains 0.73 per cent closing at 1,472 points, led by Emirates NBD and Emaar properties, which close 3.68 per cent and 1.08 per cent higher.
Bahrain's index slips 0.57 per cent after Ahli United Bank tumbles 9.09 per cent.
Shares of Industries Qatar and Qatar National Bank lift Doha's index higher for the first time in 10 sessions, while National Bank of Kuwait, extends Kuwait's declines into a sixth session.
Industries Qatar and Qatar National end 3.13 per cent and 5.76 per cent respectively as investors look for quick profits after nine days of sharp declines. The index rises 4.91 per cent to 4,815 points.
In Kuwait, National Bank of Kuwait falls 4.65 per cent and Kuwait Finance House slips 3.3 per cent, pushing the index 1.54 per cent down to 6,496 points.