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Dubai drops, Abu Dhabi gains

Dubai: UAE stocks finished in opposite directions on Wednesday amid early jitters after three of the Gulf allies, including the UAE, recalled their envoy from Qatar after accusing the latter of meddling in the internal affairs of their countries, threatening stability. Saudi Arabia and Bahrain were the other two allies who pulled out their envoys. Qatar decided not to recall its ambassadors from the three countries.

The Dubai Financial Market General Index fell 0.49 per cent to 4100.71 after Qatar’s stock benchmark measure tumbled 2.09 per cent. The capital’s gauge ADX Securities Index closed 0.36 per cent higher to end at 4938.07 even as majority of stocks declined.

The volume in Dubai jumped significantly, from 506.62 million shares to 1.12 billion, which were valued at Dh2.51 billion. Of the 32 stocks traded, 21 retreated, five advanced and six remained flat.

Among the most active stocks in terms of value traded, Union Properties, Arabtec and Gulf Finance House lost 1.48 per cent, 1.69 per cent and 1.25 per cent respectively. Al Salam Bank Bahrain soared 0.18 per cent to Dh2.14 and Emaar Properties rose 0.57 per cent to Dh8.90. Agility was the biggest loser, plunging 9.70 per cent to Dh8.75.

In Abu Dhabi, 33 stocks slipped, 10 stocks closed higher and five stocks were unchanged. Of the most active stocks, First Gulf Bank added 3.16 per cent to Dh22.80; Aldar Properties climbed 0.32 per cent to Dh3.18 and Dana Gas was up 1.18 per cent to Dh0.86. Etisalat shed 2.83 per cent to Dh12 and Ras Al Khaimah dropped 2.54 per cent to Dh1.15.