Dubai index weighed by weak performance in Arabtec, others

11/05/2017 07:27 AST

The Dubai index on Wednesday witnessed initial setback on weak performance in DXB Entertainments and Arabtec.

The Dubai Financial Market General Index closed 0.39 per cent lower at 3,395.21. DXB Entertainments fell 5 per cent after lower than expected results. DXB Entertainments closed at Dh0.909.

“The stock is poised to target the previous low at Dh0.88 in the short term. Traders may look to sell while placing stops at Dh1.01 level,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note, who had a sell call on May 8 at Dh0.95.

Arabtec closed 5.5 per cent lower at Dh0.767, a few days before the rights issue. About 21 million shares were traded in Emaar Properties, which closed 0.14 per cent higher at Dh7.41. Among other stocks, Dubai Islamic Bank closed 0.35 per cent lower at Dh5.73. Gulf Finance House closed 0.8 per cent lower at Dh2.28.

Sideways

Abu Dhabi stocks were flat amid weak volumes, continuing its sideways trend for a fourth day in a row.

The Abu Dhabi Securities Exchange general index closed 0.06 per cent lower at 4,581.76. “Index still shows a downtrend and picture hasn’t changed on weekly basis lets see how this week will end,” said Hisham Khairy, Head of Institutional Trading at Menacorp in a daily note. National Bank of Ras Al Khaimah closed 3.3 per cent lower at Dh4.4. Gulf Pharmaceutical closed 4.26 per cent lower at Dh2.25.

Aldar Properties closed 0.90 per cent higher at Dh2.25, continuing its gaining streak. Abu Dhabi Islamic Bank closed 0.56 per cent higher at Dh3.60.

Elsewhere in the Gulf, Saudi’s Tadawul index closed 0.17 per cent higher at 6,930.32. The Qatar exchange index closed 1.28 per cent higher at 9,991.67, outperforming the regional markets.

The Muscat MSM 30 index closed 0.13 per cent higher at 5,430.09.

Gulfnews