UAE markets inch down in thin trade

United Arab Emirates stock markets edged down in thin trade Sunday as they reopened after a break for Eid Al-Adha, with no major corporate news to move shares and the global market environment slightly negative.

The Dubai stock index slipped 0.6 percent in its lowest daily trading volume since April 2013, with many investors still on holiday. Activity focused on smaller-capitalised, low-priced stocks favoured by local retail investors rather than institutions.

GFH Financial Group, the most heavily traded stock, rose 0.6 percent, but builder Arabtec dropped 2.7 percent and Shuaa Capital lost 6.2 percent.

Dubai Parks and Resorts gained 0.8 percent after local press coverage of attractions at the theme parks which it plans to open next year.

The Abu Dhabi index edged down 0.4 percent as telecommunications blue chip Etisalat lost just as much and major developer Aldar Properties slid 0.8 percent.

Oman’s stock market drifted up 0.2 percent, but most major Middle East bourses remained closed for Eid, with Egypt due to reopen on Monday and Saudi Arabia and Qatar on Tuesday.

Since Gulf markets shut for Eid last Tuesday, Brent oil has fallen nearly 1 percent to $48.60 a barrel, while MSCI’s all-country world equities index has dropped 0.6 percent.

SUNDAY’S HIGHLIGHTS

DUBAI

* The index fell 0.6 percent to 3,613 points.

ABU DHABI

* The index edged down 0.4 percent to 4,495 points.

OMAN

* The index edged up 0.2 percent to 5,775 points.