UAE indices end flat in lukewarm trade
Damac drives real estate benchmark higher, but gains pared after Emirates NBD declined
Dubai: The main index on the Dubai bourse was largely unchanged on Sunday as gains from contractor Arabtec were offset by declines at top lender Emirates NBD.
The DFM index closed at 2,693 points, while Abu Dhabi’s ADX ended unchanged at 5,043 points.
Top gainers in Dubai were developer Damac Properties, which advanced 4 per cent, and Arabtec, which gained 14 per cent. A unit of Arabtec last week obtained a construction contract in Egypt worth 1.6 billion Egyptian pounds ($100 million). Gains in Damac helped push real estate heavyweight peers up 1 per cent.
The country’s biggest lender Emirates NBD slipped 2 per cent, dragging the benchmark banking index down 1.1 per cent.
In Abu Dhabi, telecoms group Etisalat shed 0.4 per cent and First Abu Dhabi Bank eased 0.1 per cent.