UAE shares subdued on shaky oil prices

Shares in the UAE rose in line with emerging markets, ahead of a much-anticipated speech by the US Federal Reserve chairwoman Janet Yellen. Other Arabian Gulf bourses finished lower. The FTSE Emerging Markets Index traded up around 0.1 per cent in late afternoon, as investors hunted for yields ahead of Ms Yellen’s closely-watched speech at […]

Shares in the UAE rose in line with emerging markets, ahead of a much-anticipated speech by the US Federal Reserve chairwoman Janet Yellen.

Other Arabian Gulf bourses finished lower.

The FTSE Emerging Markets Index traded up around 0.1 per cent in late afternoon, as investors hunted for yields ahead of Ms Yellen’s closely-watched speech at Jackson Hole later on Friday, which may provide clarity over whether interest rates will rise in coming months. Oil prices trod water for much of the day, trading down around 0.6 per cent at around US$48.75 a barrel.

The Dubai Financial Market General Index recovered from an uncertain start to break a four-day losing streak, ending the day up 0.3 per cent at 3,492.22. Du and Dubai Parks and Resorts were the main movers, rising 1 per cent and 1.2 per cent respectively, offsetting losses by Emirates NBD and Arabtec Holding.

Shares in the capital also ended slightly higher. The Abu Dhabi Securities Exchange General Index closed up 0.1 per cent at 4,519.83. FGB and Aldar Properties led gains on the index, rising 0.4 per cent and 1.4 per cent, while ADCB and Etisalat fell.

Waha Capital shares fell 2 per cent to Dh1.93, after the Abu Dhabi investment company said it was extending the maturity of its collar hedges around its shares in New York-listed AerCap Holdings.

Arabian Gulf bourses had a subdued end to the week. In Saudi Arabia the Tadawul fell for a fifth straight day, closing at its lowest level for six months. The Qatar Exchange closed 0.4 per cent lower.

jeverington@thenational.ae

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Source: Business

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