Abu Dhabi index falls over 1% as results eyed

06/04/2016 05:53 AST

The Abu Dhabi index fell over 1.5 per cent on Tuesday, led by stocks like Aldar Properties and First Gulf Bank, following its global peers and falling oil prices.

The Abu Dhabi Securities Exchange General index closed 1.74 per cent lower at 4,309.03. “International markets along with oil witnessed selling pressure. Certain stocks played the opposite and traders played the volatility in the stocks like Shuaa and Drake and Sull,” Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings said. “It was more of co-relation to global equities sentiment on Monday and Tuesday.”

Aldar Properties and First Gulf Bank both fell as much as 2 per cent in trade. Dana Gas closed 1.89 per cent lower at Dh0.52. Out of a total of 27 stocks traded on the exchange, shares of 17 firms fell, while other 7 rose.

In Dubai, the general index closed 0.26 per cent lower at 3,369.74. Amlak Finance closed more than 1 per cent lower at Dh1.64, while Union Properties closed 0.57 per cent lower at Dh0.868. Emaar Properties closed 1 per cent lower at Dh5.98.

“Going forward, we would maintain a cautious approach, with the first quarter numbers starting to come in later in the month, and that will show the reflection on how to invest going into 2016,” Shurrab said.

Companies in the UAE will start publishing results by second or third week of April after posting muted numbers for the fourth quarter and 2015.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.16 per cent lower at 6,201.09. Qatar exchange index, which fell 2.2 per cent, led the losses in the region.

Muscat Securities MSM 30 index closed 0.13 per cent higher at 5,569.96. Bahrain bourse all share index closed 0.09 per cent lower at 1,132.67.

In Egypt, the index rose as foreign investors bought in. The Egyptian EGX 30 price index closed 1.07 per cent higher at 7,657.98.

Gulfnews