Dubai stocks face renewed selling

13/10/2016 06:06 AST

Dubai stocks witnessed renewed selling led by Emaar Properties due to general lack of confidence among investors.

The Dubai Financial Market General Index closed 1.05 per cent lower at 3,354.84. “Traders may look to sell the rally and buy it back on the lower support levels,” said Shiv Prakash, senior analyst, National Bank of Abu Dhabi Securities in a daily note.

Total traded volumes remained low. Shares worth Dh246 million were traded compared to Dh500 million a few weeks ago. In stock specific action, Emaar Properties closed 1.88 per cent lower at Dh6.79. Drake and Scull closed 1.42 per cent lower at Dh0.487. Dubai Entertainments closed 1.30 per cent lower at Dh1.52. “Traders holding Dubai Entertainments may look to book partial profit on rally,” said Prakash.

Out of a total of 34 stocks traded on the exchange, shares of 28 firms fell, while other 4 rose. The rest remained steady.

The Abu Dhabi Securities Exchange General Index closed 0.24 per cent lower at 4,363.55. “The main trend still remains bearish as the market failed to close over the resistance at 4,450,” Prakash said.

In stock specific action, TAQA rose more than 7 per cent to close at Dh0.63. Methaq closed more than 1 per cent to end at Dh0.85. Eshraq Properties closed 2.50 per cent to be at Dh0.78. Out of a total of 26 stocks traded on the exchange, shares of 8 firms rose, while other 13 fell. The rest remained steady.

Elsewhere in the Gulf, the Tadawul index closed 0.66 per cent higher at 5,692.66. Alinma Bank closed more than 1.46 per cent higher at 11.80 Saudi Riyals. Saudi Basic Industries Corp. closed 0.40 per cent higher at 83.75 riyals.

The Qatar exchange index closed 0.27 per cent lower at 10,403.04. The Muscat exchange MSM 30 index closed 0.41 per cent lower at 5,680.15. The Kuwait Stock Exchange index closed 0.07 per cent lower at 5,346.54. Going ahead, traders will take a closer look at the third quarter results.

Gulfnews