Gulf stocks mixed; banks drag down Abu Dhabi

Gulf stocks started the week on a mixed note amid thin volumes. Abu Dhabi’s main index declined under pressure from blue chip banks, while Union Properties boosted Dubai.

Dubai’s main index rose 0.2 percent to 3,468 points. Volumes came in at AED 214 million and the advance-decline ratio was 12-12.

Union Properties jumped 3.1 percent to AED 0.972, after it declared bonus shares dividend.

Meanwhile, Dubai Islamic Bank rose 0.7 percent to AED 5.56, and Emaar Properties gained 0.3 percent to AED 7.27.

Emaar Malls, on the other hand, slipped 0.8 percent to AED 2.54, after its reported bid to take over e-commerce firm Souq.com.

In Abu Dhabi, the general index lost 0.7 percent to close at 4,465 points as nearly all major banks edged lower. National Bank of Abu Dhabi fell 0.5 percent to AED 10.5 and First Gulf Bank lost 1.2 percent to AED 12.85.

Telecom heavyweight Etisalat fell 0.6 percent to AED 17.95. Most key real estate shares also registered losses.

Elsewhere in the Gulf, Qatar’s QE index fell 0.3 percent to close at 10,413 points. Kuwait’s price index slipped 0.04 percent.

Saudi Arabia’s Tadawul All Share Index was last trading up 0.1 percent.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com