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Abu Dhabi bourse dips ahead of Eid break, Dubai flat

  • Abu Dhabi down 0.2% to 10,081
  • Dubai flat at 3,720

Abu Dhabi’s shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains.

In Abu Dhabi the index eased 0.2 percent, with the country’s largest lender First Abu Dhabi Bank (FAB) losing 1.3 percent, snapping two sessions of gains.

On Thursday, FAB had reported its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.

Elsewhere, United Arab Emirates-based conglomerate Alpha Dhabi was down 0.7 percent. Many investors prefer to cash in holdings ahead of the Eid holiday.

Dubai’s main share index concluded flat as real estate and industrial stocks moved in opposite directions.

Among gainers, budget airliner Air Arabia advanced about 3 percent ahead of the long Eid break while Emirates Integrated Telecommunications edged up 0.2 percent after reporting an increase in first-quarter net profit.