24/06/2015 07:18 AST
The Dubai index edged higher on Tuesday, even as Amlak Finance, which is not part of the index, contributed to maximum of the volumes in trade. Saudi’s Tadawul index ended almost flat.
The Dubai Financial Market General Index ended 0.23 per cent higher at 4,144.81, as volumes doubled to more than Dh2 billion. Amlak shares ended 3.10 per cent lower Dh2.50 with volumes of more than Dh1.29 billion.
“The contribution of volumes from Amlak is the most and the highest compared to other names,” said Muhammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.
The Islamic mortgage lender had gained more than 12 per cent after a top official of the company said they had been discussing a tie-up with minority shareholder Emaar Properties to develop land.
Arabtec ended 1.77 per cent lower at Dh2.78, while Union Properties ended 0.78 per cent lower at Dh1.28. Out of a total of 38 stocks traded on the exchange, shares of 12 companies rose, while shares of 21 companies fell.
Apart from etisalat in Abu Dhabi, other shares, which benefited from the news were Aldar Properties, Abu Dhabi Commercial Bank, and First Gulf Bank among others.
Aldar Properties ended 0.36 per cent higher at Dh2.78, while Abu Dhabi Commercial Bank ended 0.76 per cent higher at Dh7.91. First Gulf Bank ended 0.67 per cent higher at Dh15.10.
Out of a total of 31 companies, shares of 14 companies rose, shares of 11 companies fell.
Sideways
“Market generally would be trading sideways in the coming 3-4 weeks, so we don’t expect much of improvement,” Shabbir said, adding, the activity would pickup after the end of Ramadan.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul All Share Index (Tasi) ended almost flat, up 0.05 per cent at 9,279.74.
Saudi Basic Industries ended 0.52 per cent higher at 100.75 Saudi Riyals, while Alinma ended steady at more that 23 Saudi Riyals.
Saudi Arabian Mining Co. ended 0.12 per cent lower at 41.70 Saudi Riyals.
Qatar’s index edged down quarter of a per cent. Ezdan Holding, which was the most heavily traded stock and had risen sharply in the past two days after its foreign ownership ceiling was raised, fell back 1.7 per cent.
Qatar Exchange Index ended 0.25 per cent lower at 12,090.44. Muscat Securities MSM 30 index ended flat at 6,450.98. Kuwait Stock Exchange index ended 0.43 per cent higher at 6,234.40.
Bahrain Bourse All Share index ended 0.37 per cent lower at 1,363.68. In the Middle East, Egyptian EGX 30 price index ended 0.52 per cent lower at 8,444.93.
Gulf News
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