United Arab Emirates stocks lower at close of trade

United Arab Emirates stocks lower at close of trade

United Arab Emirates stocks were lower after the close on Wednesday, as losses in the Transport, Services and Banking sectors led shares lower.

At the close in Dubai, the DFM General declined 0.48%, while the ADX General index fell 0.14%.

The best performers of the session on the DFM General were Dubai Islamic Insurance Co., which rose 6.13% or 0.038 points to trade at 0.658 at the close. Meanwhile, Emirate Integrated Telecom Co PJSC  added 4.47% or 0.280 points to end at 6.540 and SHUAA Capital PSC was up 1.02% or 0.007 points to 0.693 in late trade.

The worst performers of the session were Takaful House, which fell 4.96% or 0.028 points to trade at 0.537 at the close. Dubai Financial Market PJSC  declined 1.94% or 0.030 points to end at 1.520 and Emirates NBD PJSC was down 1.79% or 0.150 points to 8.250.

The top performers on the ADX General were National Corp Tourism Hotels  which rose 14.16% to 5.00, Ad Shipbldg Co which was up 4.58% to settle at 2.97 and Rak Cement Co  which gained 2.35% to close at 0.870.

The worst performers were Foodco Holding PJSC which was down 9.90% to 3.55 in late trade, Green Crs Ins  which lost 9.30% to settle at 0.780 and Ad Islamic Bk  which was down 6.98% to 4.40 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 22 to 5 and 6 ended unchanged; on the Abu Dhabi Stock Exchange, 15 fell and 11 advanced, while 5 ended unchanged.

Shares in Emirate Integrated Telecom Co PJSC  rose to 52-week highs; gaining 4.47% or 0.280 to 6.540.

Crude oil for June delivery was down 1.72% or 0.73 to $41.74 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June fell 1.52% or 0.67 to hit $43.36 a barrel, while the June Gold contract fell 0.26% or 3.30 to trade at $1251.00 a troy ounce.

USD/AED was unchanged 0.00% to 3.6731, while EUR/AED rose 0.12% to 4.1774.

The US Dollar Index was down 0.06% at 94.01.