Dubai traded volumes cross Dh1b for 2nd day

21/11/2016 05:41 AST

Traded value on Dubai index crossed Dh1 billion for a second day in a row as small stocks cornered much of the trading.
Gulf Finance House fell 3.80 per cent to close at Dh1.77. Shares worth Dh450 million were traded in the GFH, contributing to more than 40 per cent of the total value, which stood at Dh1.076 billion.

“The trading is still focussed in a few small cap stocks. It’s GFH, so the traded value is up, and it’s not having much impact on the index,” said Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities (NBADS). “The risk trade is in small cap stocks.” GFH is not part of the Dubai index.

Drake and Scull closed 2.32 per cent higher at Dh0.530, while Dubai Investments closed more than 0.48 per cent higher at Dh2.08. Amanat closed more than 1 per cent lower at Dh0.925. Dubai Entertainments closed 1.94 per cent lower at Dh1.52.

Overall the Dubai Financial Market General index closed 0.25 per cent lower at 3,301.66. Out of a total of 32 stocks traded on the exchange, shares of 20 firms fell, while shares of 10 others rose.

Elsewhere in Abu Dhabi, banking stocks fell after banks denied speculation of a merger between them.

Abu Dhabi Islamic Bank closed 0.83 per cent lower at Dh3.57, while Abu Dhabi Commercial Bank closed 2.65 per cent lower at Dh5.88. Union National Bank closed 5.16 per cent lower at Dh4.23. Out of a total of 29 stocks traded on the exchange, shares of 15 firms fell, while other 8 rose. Traded value stood at Dh423 million.

Meetings

Investors will be looking at two events i.e. the Opec meeting on November 30, and the next would be the Federal Reserve meeting in mid-December.

“If don’t have a positive outcome from the meeting, then we may see a sell-off in oil and stocks too,” Manibhandu said. Traders would also look at the new cabinet of the Trump administration.

On Sunday, elsewhere in the Gulf, the Saudi Arabia’s Tadawul index closed 0.88 per cent at 6,570.49, after rising as much as 6,658.46. The Qatar exchange index closed 0.06 per cent higher at 9,780.80.

Gulfnews