02/06/2016 06:31 AST
Dubai stocks ended trade on a flat note, with Dubai Islamic Bank shares and rights losing the maximum as trade in its right issue continued,
The Dubai Financial Market General index closed 0.05 per cent higher at 3,315.36, after moving in a tight range of 3,294.11-3,341.24.
“It was a sleepy session on Wednesday, and we expect this to continue,” Sebastien Henin, head of asset management at The National Investor said, adding “if oil prices stay where they are as we go in the Opec meeting.”
Opec producers plan to meet in Vienna on June 2, where analysts expect a status quo on production as prices recover towards the keenly watched $50 per barrel.
Dubai Islamic Bank’s rights and shares ended 6 per cent and 1 per cent respectively. and traded volumes were at Dh77 million, about 20 per cent of the total.
“The name is under spotlight and we have seen a lot of investors to buy and sell and create volatility. When you have a capital increase, you have some volatility, because investors may have conflicting views in order to know if they will subscribe or not to the capital increase, we saw this with Dubai Parks,” Henin said.
Hits Telecom Holding ended 2.71 per cent higher at Dh0.493. Emaar Properties ended almost flat at Dh6.26. Out of a total of 37 stocks traded on the exchange, shares of 22 firms rose, while 17 others fell.
Abu Dhabi index, on the other hand, ended a tad higher. The general index closed 0.82 per cent higher at 4,284.92. Etisalat and National Bank of Abu Dhabi (NBAD) showed some strength amid very low volumes.
Etisalat ended 2.26 per cent higher at Dh18.10, while NBAD ended 7.90 per cent higher at Dh1.28. Rak Properties ended more than 6 per cent higher at Dh0.67. Out of a total of 33 stocks traded on the exchange, shares of 16 firms rose, while other 9 firms fell.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.15 per cent higher at 6,457.95, while Qatar exchange index closed 0.14 per cent lower at 9,538.77.
Gulfnews
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