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29 November 2023

UAE shares fall as blue chips struggle


By Reuters

Abu Dhabi shares declined for the third time in four sessions as retail investors cashed in gains on market leader Emirates Telecommunications Corp (Etisalat).

The benchmark fell 1.5 per cent to 2,354 points, its lowest finish for seven sessions, with losers outnumbering gainers more than two to one.

Etisalat finished down 2 per cent, while Arkan Building Materials dropped 9.94 per cent to take its losses to more than 36 per cent this month. On February 25, the regulator banned four investors from buying UAE stocks for a year for violating trading rules in relation to Arkan's stock.

Dubai shares also struggled as turnover hit a nine-session high of Dh571 million ($155.5 million). The bourse fell for the eighth time in 10 sessions, with Emaar Properties dipping below Dh2 after falling 3.88 per cent.

The index eased 0.49 per cent to 1,518 points.