18/08/2015 05:43 AST
The Dubai index closed the session flat on Monday, even as falling oil prices weighed on the sentiment. Saudi’s Tadawul ended a tad lower.
The Dubai Financial Market General Index closed 3,926.86, down 0.09 per cent, reversing from an intraday high of 3,968.71. Dubai index shed more than 5 per cent in August even as volumes remained low, but the index is still up more than 7 per cent so far in the year.
“The month of August has been difficult for the UAE markets, but the market has been very resilient in the current environment amid bad local and international news like the fall in oil prices, devaluation in China etc,” said Sebastien Henin, head of asset management at The National Investor.
Emaar Properties, which has the highest weightage on the index, closed 0.95 per cent lower at Dh7.32, while Arabtec closed 2.37 per cent higher at Dh2.16.
Dubai Islamic Bank closed 1.11 per cent higher at Dh7.32. Out of a total of 32 stocks traded on the exchange, shares of 10 companies rose, while shares of 18 firms fell.
One direction
“The coming two weeks will be quiet, but after that when investors would come back from holidays, and then the markets may move in one direction,” Henin said.
Volumes on the DFM has fallen to about Dh500 million from an average of more than Dh1 billion in the pre-Ramadan period.
“If we have more results, which are not good, and that might have impact on markets or if oil prices fall from the cliff, that can give one-way direction to the market,” Henin added.
Oil has slumped more than 30 per cent from this year’s peak in June on speculation the global surplus will be prolonged. On Monday, WTI crude fell 2 per cent, to its lowest level in more than six years.
Elsewhere, the Abu Dhabi Securities Exchange general index closed 0.85 per cent lower at 4,631.31.
RAK Properties closed 1.59 per cent lower at Dh0.69, while First Gulf Bank closed 1.35 per cent lower at Dh14.60. Out of a total of 24 stocks traded on the exchange, shares of 8 firms rose, while shares of another 6 stocks fell.
Saudi tumbles
Saudi’s Tadawul index also fell, extending losses for another session. Saudi’s Tadawul index closed 0.35 per cent lower at 8,434.5.
Alinma Bank closed 0.60 per cent lower at 20 Saudi Riyals, while Etihad Etisalat Co. closed 6.06 per cent lower at 26.30.
Elsewhere in the Gulf, Qatar Exchange Index closed 0.93 per cent lower at 11,734.69, while Muscat Securities MSM 30 index closed 1.15 per cent lower at 6,219.77.
Gulfnews
Please wait...
