Dubai index mixed as blue chips lag small stocks

22/08/2017 05:58 AST

Dubai index witnessed mixed trade due to lagging blue chips even as small stocks gained. The Dubai Financial Market General Index closed 0.56 per cent lower at 3,595.13. Emaar Properties fell more than 1 per cent, while Gulf Finance House and other stocks like Shuaa Capital, dual listed firms like HITS Telecom, Al Madina, Ettikab also rose smartly. Emaar Properties closed 1.78 per cent lower at Dh8.27. GFH closed 0.53 lower at Dh1.88.

“GFH failed to continue its move to the upside and fell from a high. The stock is still in a downtrend and could see another leg to the downside,” said Hisham Khairy, head of Institutional Trading, at Menacorp.

Insurance stocks like Dubai Islamic Insurance and Reinsurance closed 1.04 per cent higher at Dh0.975. Kuwaiti stock HITS Telecom closed 1.46 per cent higher at Dh0.556, Al Madina closed 2.37 per cent higher at 0.605. Ekttitab closed 1 per cent higher at Dh0.432. Shuaa Capital closed 3.33 per cent higher at Dh1.24. Emaar Malls closed less than a per cent higher at Dh2.49.

Union Properties closed 2 per cent lower at Dh0.88. “UPP stock had a v shaped rebound that needs to take a breather at some point, no reason for such a strong rebound other than speculation, stock should face strong resistance around the Dh0.92 area and start falling back to level around Dh0.87,” Khairy said.

The Abu Dhabi Securities Exchange general index closed 0.05 per cent higher at 4,494.90. Dana Gas witnessed buying, and closed 8 per cent higher at Dh0.67.

Union National Bank closed 3.16 per cent lower at Dh4.29. Etisalat closed 0.56 per cent lower at Dh17.85.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.26 per cent higher at 7,227.74. The Qatar exchange index closed 0.75 per cent lower at 9,065.18. The Muscat MSM 30 index closed 0.62 per cent higher at 4,943.80.

Gulfnews