30/03/2016 05:52 AST
Volumes of stocks traded on the UAE’s exchanges fell to the lowest level in two months, on lack of interest, as the first quarter drew to a close.
The Abu Dhabi index closed almost 1 per cent higher, while Saudi Arabia’s Tadawul ended a per cent lower.
Volumes in Dubai fell to Dh191 million, a level last seen in early February, and half of last week’s turnover of Dh400 million.
The volumes were at Dh1 billion last month. In Abu Dhabi, the turnover fell to more than Dh150 million.
“We are going into the close of the first quarter, so people are less anxious about going into the market in such volatile environment,” said Marwan Shurrab, director — fund manager and head of trading at Vision Investments & Holdings.
The Abu Dhabi Securities Exchange general index closed 0.86 per cent higher at 4,318.52.
“The main contributor of the index was etisalat after witnessing selling pressure over the last couple of days,” Shurrab added.
Etisalat ended more than 2.5 per cent higher at Dh18.35. “Etisalat may go down to Dh15.75 after the dividend payout next month,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts, adding Aldar Properties may fall to support level of Dh2.53 by next month.
Aldar Properties closed 1.14 per cent higher at Dh2.67. Eshraq Properties closed steady at Dh0.76. Out of a total 25 stocks traded on the exchange, shares of 11 firms rose, while another eight fell. The rest remained steady.
Eshraq Properties may go down to support level of Dh0.69, Al Ashri said, adding First Gulf Bank may go down again to support level of Dh10.67.
Bearish outlook
In Dubai, the general index ended 0.27 per cent higher at 3,275.11.
“I have a bearish outlook for Dubai index and it may hit support level of 3,111 by next week,” Al Ashri said. Dubai Parks may consolidate in the range of Dh1.17-Dh1.33, he said.
Dubai Parks ended 3.31 per cent higher at Dh1.25, while Emaar Properties closed flat at Dh5.80. Dubai Islamic Bank ended at Dh1.62.
Arabtec is trading in high risk area and may not be successful in breaching resistance level of Dh1.83, Al Ashri said, adding the stock may go down to Dh1.44 in the next few weeks.
DAMAC Properties has a strong resistance at Dh2.78 and may fall to Dh2.55, Al Ashri said, adding Emaar Properties may consolidate in the range of Dh5.51-5.8.
Gulf Finance House may breach Dh1 within few weeks, said Al Ashri.
DAMAC Properties closed 1.52 per cent higher at Dh2.67. Out of a total of 32 stocks traded on the exchange, shares of 14 firms rose, while other 11 fell. The rest remained steady.
Gulfnews
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