Volumes tumble in steady Dubai market

15/05/2017 06:07 AST

Negligible trading was witnessed on the Dubai Financial Market (DFM) on Sunday as it saw ranged trading, with some activity seen in Union Properties.

Traded value on the DFM fell to Dh165 million from Dh300 million in the last week. The saving grace in terms of volumes was Union Properties, which closed at Dh0.975, up 1.25 per cent. The stock contributed to 36 per cent of the total traded volumes. The Dubai Financial Market General Index closed 0.13 per cent lower at 3,415.69.

“The market may head towards the 3,450 resistance once more,” Ahmad Waheed, Vice President - Institutional Desk at Mencorp said in a note.

Among other stocks, Damac Properties closed 3 per cent higher at Dh2.72. Emaar Properties fell 0.40 per cent at Dh7.46 before reporting 15 per cent rise in net profit.

Arabtec closed lower ahead of rights issue that will start on Monday. Arabtec closed 0.91 per cent lower at Dh0.763. Dubai Investments closed steady at Dh2.17. “DIC is trading at resistance but with reasonable volumes we expect the stock to head towards Dh2.25 once more from its current level,”

The Abu Dhabi Securities Exchange closed 0.33 per cent lower at 4,593.29. “Fresh buying in select stocks pushed the index back up towards the resistance level of 4,620, break over may ignite next leg up towards the 4,710 barrier,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Agthia closed 6.22 per cent lower at Dh5.58. Etisalat closed 1.68 per cent lower at Dh17.60. Union National Bank closed 0.80 per cent lower at Dh4.95. “Traders may look to hold banking stocks while trailing the stop loss higher to 4,560 level,” Prakash said.

Among other stocks, Abu Dhabi Ship Building closed 2.66 per cent lower at Dh2.56. Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.4 per cent lower at 6,853.12. The Qatar exchange index closed 0.49 per cent lower at 10,061.50.

The Muscat MSM 30 index closed 0.21 per cent lower at 5,420.480.

Gulfnews