UAE stocks edge lower as investors secure profits
Emirates indices witness declines as investors lock in profits; mixed performance in Abu Dhabi stocks
January 3 – Stock markets in the United Arab Emirates were lower on Friday, with Dubai’s index retreating on profit-taking and weekend selling, while Abu Dhabi’s index held steady after a slump in the previous session.
Dubai’s main stock index (.DFMGI) fell 0.5% for a second straight session, dragged down by declines in financial and property stocks. Emirates NBD Bank (ENBD.DU) fell 2.4%, leading blue-chip developer Emaar Properties (EMAR.DU) to lose 0.7%.
Dubai’s stock market retreated as investors locked in profits, following a recent rally and momentum. Most sectors fell, according to Samar Hassan, senior market analyst at XS.com.
Abu Dhabi’s main stock index (FTFADGI) ended 2024 in the red — closing flat, as gains in consumer and materials stocks were offset by financial declines.
ADNOC Drilling (ADNOCDRILL.AD) and Lulu Retail Holdings (LULU.AD) rose 1.9% and 2.6%, respectively. The retailer opened two new Express stores in the kingdom last week, bringing its total store count to 59.
The nation’s biggest lender, First Abu Dhabi Bank (FAB.AD), had a 0.7% decline, while Alpha Dhabi Holding (ALPHADHABI.AD), a conglomerate, saw a more than 1% decline.
Friday saw uneven trading in Abu Dhabi shares, with key heavyweights reporting a range of outcomes. Samar thinks that a recovery in oil prices, however, would boost the market in the upcoming sessions.
