Banks help led UAE stock markets lower, with Abu Dhabi Commercial Bank falling 9.01 percent to weigh on Abu Dhabi and Emirates NBD declining 4.06 percent to drag Dubai lower.“Most of the flow is retail activity,” said Matthew Wakeman, managing director, cash and equity linked trading at Egyptian bank EFG-Hermes in Dubai.
“Volumes are very low at the moment. A lot of international players are sitting on the sidelines until next year.”
Dubai’s benchmark, the worst-performing index in the Gulf Arab region so far this year, closed 1.02 percent lower at 1,909 points.
Commercial Bank of Dubai slid 5 percent.
Abu Dhabi’s main measure fell 1.31 percent to 2,676 points with Union National Bank losing 4.94 percent.
Kuwait’s benchmark fell for a third trading day, led by National Bank of Kuwait and Kuwait Finance House.
The index, which has lost nearly 30 percent this year, closed 2.08 percent lower at 8,623 points.
National Bank of Kuwait declined 5.41 percent two days after it said it expected profit to rise about 10 percent this year but would not meet its 2008 profit target of up to 330 million dinars amid the global financial crisis.
Kuwait Finance House eased 4.55 percent.
Banking shares led Oman’s bourse to a higher close for a second trading day, with Bank Muscat leading the rally by climbing 5.45 percent.
Muscat’s benchmark, down more than 33 percent so far this year, closed 0.97 percent higher at 6,081 points.
Qatar’s bourse was closed on Thursday for national day. Trading will resume on Sunday, Dec. 21.
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