GFH shares tumble as Dubai index ranged

29/03/2017 05:34 AST

Shares of Gulf Finance House (GFH) tumbled the most on Tuesday after HITS Telecom among Dubai stocks even as a drawdown in traded value continued.

GFH shares fell 6.08 per cent lower at Dh2.47. A total of Dh96 million worth of shares were traded on the name, contributing to 33 per cent of the total traded value of Dh288 million. “GFH had aggressive profit-taking and contributed most to the volume,” said Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz. “The sentiment hasn’t been benefiting from volatility in the market.”

Turnover:

“Drawdown in turnover is impacting sentiment across the board. This is driven by lack of catalysts at these levels,” Shurrab said. Traded value has tumbled to around Dh250 million from the high of Dh1.2 billion a few weeks ago.

In other stocks, HITS Telecom fell more than 8 per cent lower at Dh0.657, while Dubai Entertainments closed 1.58 per cent lower at Dh0.99. Emaar Malls, which had earlier bid for souq.com, jumped 3.61 per cent to end at Dh2.58 after Amazon announced to buy online retailer souq.com. Emaar Properties closed 0.96 per cent lower at Dh7.20. Out of a total of 34 stocks traded on the exchange, shares of 24 firms fell, while other four rose. The rest remained steady.

The Abu Dhabi Securities Exchange general index closed 0.10 per cent higher at 4,469.66. Union National Bank closed 1.86 per cent higher at Dh4.38. National Bank of Abu Dhabi closed 0.48 per cent higher at Dh10.50. First Gulf Bank closed 0.39 per cent higher at Dh13. Abu Dhabi Commercial Bank closed 2.39 per cent higher at Dh6.85. National Bank of Fujairah closed 9.94 per cent lower at Dh3.26. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.26 per cent higher at 6,870.00. The Qatar exchange index closed 0.32 per cent higher at 10,461.81.

The Muscat MSM 30 index closed more than 1 per cent lower at 5,543.09.

Gulfnews