Small stocks were still favoured on the Dubai bourse as traders eyed fourth quarter results, on a day when the wider index closed almost steady.
“We got impacted slightly in the middle of the session due to a lower opening in Europe, but markets started picking up again,” said Ahmed Waheed, Vice President — Institutional Desk, Menacorp.
The Dubai Financial Market General index closed 0.10 per cent higher at 3,725.06, as most the action was focused on smaller property and other telecom stocks.
“The volumes focused on small stocks like HITS Telecom, UPP and Drake and Scull. There is speculation on these stocks,” Waheed said.
Union Properties closed less than a per cent lower to be at Dh1.17, and was the actively traded stock, contributing to nearly 19 per cent of the total volumes of over Dh1.25 billion.
Arabtec closed 1.45 per cent higher at Dh1.40, while HITS Telecom closed 6.86 per cent higher at Dh0.670.
Gulf Finance House closed more than 2 per cent higher at Dh2.01. Out of a total of 39 stocks traded on the exchange, share of 20 firms fell, while other 19 rose. The rest remained steady.
“Dubai markets looks very strong. We might be seeing higher levels like that 3,900, but may touch a low of 3,600 before that,” Waheed said. “My only advise to investors is sit tight and wait for results.”
The Dubai index has gained more than 5 per cent in first few weeks of January, after gaining more than 12 per cent last year.
On Tuesday, the Abu Dhabi Securities Exchange general index closed 0.04 per cent lower at 4,661.73. Union Arab Bank closed 15 per cent higher at Dh1.84, while Etisalat closed 0.53 per cent higher at Dh18.9. Asmak closed 14.79 per cent higher at Dh3.26. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.78 per cent lower at 7,026.48. The Qatar exchange index closed almost flat at 10,700.47. The Muscat Securities MSM 30 index closed 0.30 per cent lower at 5.779.81.
The Kuwait Stock Exchange index closed 1.05 per cent higher at 6,014.36.