Emirati Stocks End Christmas Day Mixed; Aman Unveils Plan to Cut Accumulated Losses

Emirati stocks closed Wednesday's trading on both ends of the spectrum as investors await US initial and continuing jobless claims and US Fed balance sheet data.

At closing, the FTSE ADX General Index was down 0.215%, while the DFM General Index was 0.065% in the green. Hayah Insurance Co. (ADX:HAYAH) traded 4.35% in the red, weighing the Abu Dhabi index down, while the Dubai bourse was buoyed by Takaful Emarat (DFM:TAKAFUL-EM), gaining 15%.

Across the pond, the US expects the release of initial jobless claims and continuing jobless claims data on Thursday, with the Fed balance sheet to be released Friday.

Brent crude prices increased 0.9% to $73.58 per barrel due to a "brightened short term outlook tied to the prospect of slightly tightening supplies," according to the Aljazira Capital daily report.

Back at home, Dubai Islamic Insurance & Reinsurance (DFM:AMAN), d/b/a Aman, swung to a loss of 2.6 million Emirati dirhams for the third quarter of 2024, compared with a profit of 11.1 million dirhams in the prior-year period. The insurance company, which closed 0.57% in the red, also unveiled plans to lower its accumulated losses worth 163.8 million dirhams.

Ithmaar Holding (DFM:ITHMR) is continuing discussions to sell its financing and investment portfolios to Bahrain-based bank GFH Financial Group (DFM:GFH). Their stocks were 1.036% and 0.833% lower, respectively.