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15/06/2016 06:37 AST
The Dubai index rose a tad on Tuesday, snapping a two-day losing streak even as volumes remained low during Ramadan. Abu Dhabi index also rose.
The Dubai Financial Market General index closed 0.19 per cent higher at 3,329.71, after trading in a tight range of 3,314.72-3,342.45. Volumes fell further to be at Dh274 million from Dh500 million a few weeks ago.
“It’s a technical rebound. The liquidity is still low. Everyone is on the sidelines waiting for major events like Brexit vote and Federal Reserve meeting, MSCI classification,” Talal Touqan, Head of Research and Advisory at Al Ramz Capital told Gulf News, adding “lack of catalyst have made traders to look at international drivers.”
Investors would be closely watching at Fed announcement and the after statement for any direction on rates, and along with that traders are looking at the Brexit vote, which is scheduled on June 23.
Back home, Dubai Islamic Bank closed 2.4 per cent higher at Dh5.12, and was the top traded stock in terms of volumes. Emaar Properties ended less than half a per cent higher at Dh6.30. Union Properties ended more than a per cent higher at Dh0.735. Out of a total of 33 stocks traded on the exchange, shares of 8 firms rose, while other 15 firms fell. The rest remained steady. In Abu Dhabi, the securities exchange index closed 0.49 per cent higher at 4,386.42.
Rak Properties ended more than a per cent higher at Dh0.61, while Eshraq Properties closed 1 per cent lower at Dh0.79. Abu Dhabi Commercial Bank closed less than a per cent lower at Dh5.95.
Elsewhere in the Gulf, Saudi’s Tadawul index closed 0.56 per cent higher at Dh6,626.58, while Qatar exchange index closed 0.54 per cent higher at 9,756.38. Muscat Securities MSM 30 index closed 0.15 per cent lower at 5,838.87. Kuwait Stock Exchange index closed flat at 5,412.14.
MSCI impact:
Local investors would closely watch out for MSCI classification to gauge any impact on the local flows.
“Sentiment would be impacted as fund managers and traders would be closely watching the MSCI classification,” Touqan said.
MSCI Inc. will announce early Wednesday morning whether China’s domestic equities will be added to its global benchmark gauges. The changes would be implemented by June next year.
Investors would be watching at second quarter results for direction over the medium term.
Gulfnews
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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