09/07/2015 09:11 AST
Dubai: Dubai index fell more than a per cent on Wednesday weighed by a sell-off in crude oil prices even as Amlak, and property majors like Emaar Properties and Arabtec fell.
The Dubai Financial Market General Index ended 1.36 per cent lower at 3,986.60, below the keenly watched 4,000 level mark.
“We are still highly co-related to the happenings in Greece and oil,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings, adding “people are waiting on the sidelines waiting for an outcome on the Greece crisis.”
Oil traded near its lowest close in almost three months in New York amid concern about economic stability in China and Europe. Futures rose 0.4 per cent, paring its slump in the past five days to 12 per cent.
Amlak shares ended 2.25 per cent lower at Dh2.61, and was the most active stock in trade.
Emaar Properties also fell along with other property majors.
Emaar Properties ended 2.60 per cent lower at Dh7.50, while Arabtec also fell more than 2 per cent after a few top officials resigned. Shares of Arabtec ended at Dh2.48, its lowest level in a month.
Out of a total of 36 companies traded on the exchange, shares of 28 firms fell, while shares of other 5 firms rose.
Difficult:
“It is difficult to trade in these markets as high volatility in international trading along with issues in China, and all these factors are coupling up with local factors like Ramadan, and this is impacting the appetite among investors,” Shurrab said.
Volumes have fallen to Dh500 million compared to more than a billion a few weeks ago on Dubai bourse.
In Abu Dhabi, the general index ended 0.68 per cent lower at 4,692.29 amid low volumes.
Abu Dhabi Commercial Bank ended 1.97 per cent lower at Dh7.45, while Aldar Properties ended 3.70 per cent lower at Dh2.60.
First Gulf Bank ended 0.34 per cent lower at Dh14.80. Out of a total of 30 stocks traded on the exchange, shares of 7 firms rose, while shares of 15 companies fell.
Elsewhere in the Gulf, Saudi’s Tadawul index ended 0.26 per cent lower at 9,057.89.
“Tadawul index is facing the same issues with Ramadan, and summer season affecting appetite,” Shurrab said.
Saudi Basic Industries ended 0.81 per cent lower at 93 Saudi Riyals, while Alinma Bank ended 0.35 per cent lower at Dh22.55.
Qatar Exchange Index ended 1.25 per cent lower at 11,787.11, while Muscat Securities MSM 30 index ended 0.40 per cent lower at 6,402.65.
Kuwait Stock Exchange index ended 0.15 per cent higher at 6,156.68.
Gulfnews
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