06/07/2015 07:26 AST
Select stocks dominated trading in Dubai and Abu Dhabi bourses, even as investors eyed the Greece vote and potential impact on financial markets.
The Dubai Financial Market General Index ended 0.49 per cent lower at 4,068.92. Shares of Amlak Finance, which was included on the index last week, closed 0.75 per cent lower at Dh2.63, cornering the trade on the bourse. Amlak Finance accounted for 30 per cent in terms of volumes in trade.
“It was a stock specific movements focusing on positives and negatives in trade. The market is in search of strong catalysts for directional moves,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.
“Amlak restructuring after all the issues it faced have reignited interest among investors,” Shurrab said, adding “the good news is apart from Amlak there are other stocks like Drake and Scull and Dana Gas,”
Drake and Scull ended 9.05 per cent higher at Dh0.880 after the company raised the ownership limit of GCC investors to 100 per cent.
Amanat ended 1.84 per cent lower at Dh0.909, while Union Properties ended 0.83 per cent lower at Dh1.20.
Out of a total 34 stocks traded on the exchange, shares of 13 stocks traded higher, while the other 15 fell. The Abu Dhabi Securities Exchange General index ended 0.23 per cent higher at 4,737.58.
Dana Gas, which gained more than 13 per cent in trade, was the most active stock in terms of volumes.
Greece eyed:
“People would be eyeing the Greece vote. This would be the major event that would control the direction of the markets in this week,” Shurrab said.
Greece, the country of 11 million people is deeply divided over whether to accept an offer by international creditors that left-wing Prime Minister Alexis Tsipras, elected in January on a promise to end years of crippling austerit
“We can’t really predicted on what could happen, as the expectations are 50:50 in which side it might go,” Shurrab said. “This is why we saw turnover in specific stocks like Dana Gas and DSI, which had catalyst.”
Elsewhere in the Gulf, Saudi stock index was 0.11 per cent higher at 9,146.06 in thin trade. Saudi Basic Industries Corp was up more than a per cent at 96 Saudi Riyals after the company said it has formed a joint venture with a Korean firm.
Qatar Exchange Index ended 0.93 per cent lower at 12,008.01, while Muscat Securities MSM 30 index ended 0.15 per cent lower at 6,434.42.
Kuwait Stock Exchange index ended 0.14 per cent higher at 6,190.39.
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