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The Abu Dhabi index was down 1.67 per cent on Monday, amid selling activity in heavyweight banking stocks, as emerging markets in Asia continued their sell-off.
The Abu Dhabi Securities Exchange general index (ADX) ended the day at 4,882.85 as investors booked some profits on the likes of First Abu Dhabi Bank, Aldar Properties, and Abu Dhabi Commercial Bank.
The profit-taking activity came as Asian stocks fell, specifically in China, after reports suggested that the United States was about to announce yet another round of tariffs on $200 billion worth of imported Chinese goods.
The Shanghai Composite ended the day 1.1 per cent lower as the Hang Seng ended 1.3 per cent down. In the UAE, the risk-off sentiment echoed through, with the Dubai Financial Market (DFM) index also lower as trade volumes remained subdued. The DFM index ended at 2.752.13, down 0.79 per cent after touching a low of 2,745 in the first two hours of trade.
“There’s a risk-off mode that we’re entering into at the moment. On ADX, banking stocks this year have done very well, and have had good returns…so there’s profit-taking but also more of a risk-off mentality given what’s happening across the globe,” said Saleem Khokhar, head of equities at First Abu Dhabi Bank’s asset management group.
Among the most actively traded stocks in Abu Dhabi were FAB, which fell 2.61 per cent, ADCB (down 1.88 per cent), and Dana Gas and Etisalat, which ended 1.72 per cent and 0.99 per cent lower respectively.
In Dubai, heavyweight Emaar was the most actively traded stock and fell 1.67 per cent to Dh4.71 after shedding 3.2 per cent on Sunday. Most other stocks also ended in the red.
Shiv Prakash, senior research analyst at FAB Securities, said in a note on Sunday that Emaar breached a “key support level” of Dh4.9, closing bearish. The property developer’s decline is weighing on the Dubai index, which on Sunday also breached the 2,800 support level, signaling further downside for the index.
From a fundamental perspective, FAB’s Khokhar said he expected to see continued volatility and pressure on markets in the short term, but that valuations on the DFM are likely “fairly close to a bottom.”
“In the short term, it’s really more a question of a nervousness not only in the Mena (Middle East and North Africa) markets, but more generally, in the emerging market space as a whole,” he said.
The MSM30 index ended higher to close at 4452.91 points, up by 0.03 per cent. MSM Sharia Index closed at 603.43 points, down by 0.12 per cent. Oman Fisheries was the most active in terms of volume wh
Times of Oman
Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.46
QSE benchmark index rose 1.25 percent to 10,157 points, confirming a break above technical resistance at 10,003-10,028 points. The market is up 19.17 percent year-to-date (YTD).
Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses. The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding a
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman