Blue chip helps to keep downside limited on Dubai index

13/09/2017 11:27 AST

The Dubai Financial Market General index closed almost flat on Tuesday, as gains in real estate offset the wider weakness. The benchmark closed 0.03 per cent lower at 3,652.88.

Emaar Properties hit its highest level in three years on Tuesday, offsetting weakness in another blue chip Dubai Islamic Bank and Damac.

Emaar Properties, which has been rallying since August 16, has not reflected on Dubai index. Emaar Properties has gained 6.68 per cent since in 18 sessions, while the Dubai index has gained only 2.4 per cent, and is still trading below its recent high struck on August 6. Emaar Properties hit a high of Dh8.78 at close, up 0.92 per cent, the highest level since August 2015.

Dubai Islamic Bank closed flat at Dh6.14, after hitting a low of Dh6.08. Damac closed 1.03 per cent lower at Dh3.86. Salama witnessed buying in auction trade with 61 million shares traded in auction at Dh0.465. Gulf Finance House closed 3.17 per cent lower at Dh1.83. “GFH could rally today, the stock needs to break the Dh1.94 resistance and close above to confirm a reversal,” said Hisham Khairy, head of institutional trading at Menacorp. Marka closed 6 per cent lower at Dh0.733 after the stock hit an upper circuit in the previous session. DP World closed half a per cent lower at $21.87.

The Abu Dhabi Securities Exchange general index closed 0.71 per cent higher at 4,470.12. National Bank of Abu Dhabi closed 1.95 per cent higher at Dh10.45.

“NBAD seeing some strong selling closed at lows of session needs to hold that Dh10.25 support and should start moving to the upside from here,” said Khairy.

Abu Dhabi Commercial Bank closed 1.41 per cent higher at Dh7.18. Rak Properties closed 2.86 per cent higher at Dh0.72. Traded volume stood at 58 million shares, the highest level since June 2017.

The Tadawul index in Saudi Arabia closed 0.28 per cent lower at 7,390.58. Mild selling was seen in sectors like energy, materials, and services.

Basque Saudi was more than 3.5 per cent lower at 31.70 Saudi Riyals after the Saudi Prince Alwaleed bin Talal’s Kingdom Holding signed an agreement to buy a 16.2 per cent stake in Banque Saudi Fransi from Credit Agricole SA The Muscat MSM 30 index closed at 5,010.68, down 0.56 per cent. The Qatar exchange index closed 0.71 per cent lower at 8,471.60.

Gulfnews