UAE stocks mixed; Emaar Development falls on first day

Stock markets in the United Arab Emirates (UAE) were mixed on Wednesday as heavyweight Emaar Properties boosted Dubai, while Etisalat weighed on Abu Dhabi.

Dubai’s main index rose 1 percent to close at 3,445 points as Emaar Properties jumped 2.6 percent to AED 7.8. The stock had been under pressure since it priced its unit, Emaar Development’s IPO at AED 6.03, lower than the earlier indicative range of AED 5.7 and AED 6.9.

Emaar Development, which debuted on DFM today, fell 4.3 percent to AED 5.77.

In Abu Dhabi, the general index fell 0.9 percent to close at 4,274 points. Telecom operator Etisalat was down 1.2 percent at AED 16.1, while First Abu Dhabi Bank lost nearly 1 percent to AED 10.1.

Elsewhere, Qatar’s QE index rose 0.4 percent to 7,798 points, drive by a buoyant banking sector.

However, Qatar Insurance declined 1.2 percent after yesterday’s climb. The insurer on Tuesday said it has renewed the business license for a branch in Abu Dhabi. In September, the firm had said it will be closing the Abu Dhabi branch as it is not possible to renew the business license “due to the prevailing political events in the region.”

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