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UAE stocks take a tumble

16 November [Investing.com] – United Arab Emirates stocks were lower after the close on Sunday, as losses in the Finance & Investment, Consumer Staples and Real Estate & Construction sectors led shares lower.

At the close in Dubai, the DFM General lost 3.65% to hit a new six-months low, while the ADX General index lost 2.47%.

The best performers of the session on the DFM General were Takaful Emarat PSC (DU:TKFE), which rose 1.20% or 0.020 points to trade at 1.680 at the close. Meanwhile, Air Arabia PJSC (DU:AIRA) added 0.81% or 0.010 points to end at 1.240 and National Cement Company P.S.C. (DU:NCC) was unchanged 0.00% or 0.000 points to 3.450 in late trade.

The worst performers of the session were Drake & Scull International PJSC (DU:DSI), which fell 10.00% or 0.046 points to trade at 0.414 at the close. Damac Properties Dubai Co PSC (DU:DAMAC) declined 10.00% or 0.27 points to end at 2.43 and SHUAA Capital PSC (DU:SHUA) was down 10.00% or 0.047 points to 0.423.

The top performers on the ADX General were Ad Natl Ins Co (AD:ADNI) which rose 11.11% to 3.50, Emirates Ins C (AD:EIC) which was unchanged 0.00% to settle at 6.72 andInt Fish Farmi (AD:ASMK) which unchanged 0.00% to close at 6.95.

The worst performers were Dana Gas (AD:DANA) which was down 9.30% to 0.390 in late trade, Rak Properties (AD:RPRO) which lost 8% to settle at 0.460 and Eshraq Properties Co PJSC (AD:ESHR) which was down 7.69% to 0.4800 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 25 to 2; on the Abu Dhabi Stock Exchange, 21 fell and one advanced, while two ended unchanged.

Shares in Drake & Scull International PJSC (DU:DSI) fell to all time lows; down 10.00% or 0.046 to 0.414. Shares in SHUAA Capital PSC (DU:SHUA) fell to all time lows; losing 10.00% or 0.047 to 0.423. Shares in Emirates Ins C (AD:EIC) unchanged to 52-week lows; unchanged 0.00% or 0.00 to 6.72. Shares in Rak Properties (AD:RPRO) fell to 52-week lows; falling 8.00% or 0.040 to 0.460. Shares in Eshraq Properties Co PJSC (AD:ESHR) fell to 52-week lows; down 7.69% or 0.0400 to 0.4800.

Crude oil for December delivery was down 2.42% or 1.01 to $40.74 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January fell 1.59% or 0.72 to hit $44.47 a barrel, while the December Gold contract rose 0.19% or 2.10 to trade at $1083.10 a troy ounce.

USD/AED was unchanged 0.00% to 3.6728, while EUR/AED fell 0.40% to 3.9557.

The US Dollar Index was up 0.33% at 98.89.