Dubai index falls further as risk off sentiment continues

14/06/2016 06:41 AST

The Dubai index fell today, extending losses for another session as investors continued to sell risky equities on falling crude oil prices ahead of a key UK vote.

Oil fell below the keenly-watched $50 per barrel mark on persisting economic concerns, and a related strengthening in the US dollar, which makes fuel imports for countries using other currencies more expensive.

Following oil, the Dubai Financial Market General Index closed 0.38 per cent lower at 3,323.43, after losing 1 per cent in the previous session.

“Profit taking on crude oil brought sluggish mood to the UAE markets, resulting in another bearish close,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said.

In stock specific action, Dubai Islamic Bank closed 0.79 per cent lower at Dh5, while DIB rights also ended down more than 1 per cent to be at Dh1.74. Emaar Properties closed nearly 1 per cent lower at Dh6.28. Dubai Parks and Resorts ended 0.68 per cent lower at Dh1.45.

Dubai index falls further as risk off sentiment continues The Dubai Financial Market General Index closed 0.38 per cent lower at 3,323.43, after losing Dubai: The Dubai index fell today, extending losses for another session as investors continued to sell risky equities on falling crude oil prices ahead of a key UK vote.

Oil fell below the keenly-watched $50 per barrel mark on persisting economic concerns, and a related strengthening in the US dollar, which makes fuel imports for countries using other currencies more expensive.

Following oil, the Dubai Financial Market General Index closed 0.38 per cent lower at 3,323.43, after losing 1 per cent in the previous session.

“Profit taking on crude oil brought sluggish mood to the UAE markets, resulting in another bearish close,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said.

In stock specific action, Dubai Islamic Bank closed 0.79 per cent lower at Dh5, while DIB rights also ended down more than 1 per cent to be at Dh1.74. Emaar Properties closed nearly 1 per cent lower at Dh6.28. Dubai Parks and Resorts ended 0.68 per cent lower at Dh1.45.

“Traders are seen holding the long positions and were seen adding select counters from the lower support zones. Damac and Union Properties attracted buying from the lower neckline support levels and closed over the Sunday’s high,” Prakash said.

Damac Properties ended more than 1 per cent higher at Dh2.4, while Union Properties closed nealry 1 per cent higher at Dh0.727. Out of a total of 34 stocks traded on the exchange, shares of 11 firms rose, while other 18 fell.

Abu Dhabi

The Abu Dhabi Securities Exchange general index closed 0.06 per cent lower at 4,365.09. RAK Properties ended nearly 2 per cent lower at Dh0.60, while Aldar Properties ended nearly 1 per cent higher at Dh2.75.

Out of a total of 29 firms traded on the exchange, shares of eight firms rose, while other seven fell. The remaining remained flat.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.29 per cent higher at 6,589.64. Qatar exchange index closed 0.92 per cent lower at 9,704.36.

Gulfnews