Welcome to GulfBase Live Support
The Dubai index fell, extending losses for another session after breaching the 50-day moving average as weakness in heavyweights like Emaar Properties and Dubai Islamic Bank weighed on sentiment.
The Dubai Financial Market General index closed 0.86 per cent lower at 3,569.42, adding to the previous day’s more than half a per cent losses.
“The near term trend has turned bearish and only a break over 3,670 resistance shall be considered bullish. ?Traders may look to sell and buy back on lower support levels at 3,460,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note. Emaar Properties closed 1.73 per cent lower at Dh8.51 as profit-taking came in after traders priced in the dividend story. Emaar Properties plans to sell 30 per cent in its development company and will distribute the proceeds as dividends to its shareholders.
Dubai Islamic Bank closed more than a per cent lower at Dh6.09. Gulf Finance House closed more than 2 per cent lower at Dh1.73. Emaar Malls closed at Dh2.33, down 2.10 per cent. DXB Entertainments closed 1.41 per cent lower at Dh0.77. The near term support in Dubai Entertainments is seen at Dh0.76 level, said Prakash, adding “break below shall trigger further selling and extend fall towards Dh0.73/0.64 in the short term.”
The Abu Dhabi Securities Exchange general index closed 0.67 per cent lower at 4,410.63 as banks weighed on sentiment.
“The index is still seen trading in the sideways down direction with immediate resistance intact at 4,505 level and support zone at 4,420 level. Traders may look to trade selectively,” Prakash said.
Dana Gas closed 4 per cent lower at Dh0.71 before the trail began in a London court on its outlawed sukuk. Elsewhere in the region, Saudi Arabia’s Tadawul index closed 1.39 per cent lower at 7,224.13. The Qatar exchange index closed 0.64 per cent higher at 8,449.47.
The development is significant in the light of the growing importance of the region as an attractive investment destination for international investors seeking exposure to high growth emerging market
Margin trading is making a comeback on Dubai’s stock exchange, picking up from all-time lows, in a sign of reviving investor confidence in the emirate’s listed companies. Such an uptick, if it
Weakness in banking and telecom stocks weighed on the MSM30 Index, which closed at 5,095.29 points, down by 0.85 per cent. Profit booking in heavy weight stocks also pulled down the Muscat bourse on
Times of Oman
The Capital Market Authority (CMA) approved the allotment of the shares of Oman Qatar Insurance Co (OQIC), according to an Oman News Agency report.
The initial public offering (IPO) of OQI
Islamic Arab Insurance Company or Salama shares extended gains for another session on Monday, in a steady Dubai market. The Abu Dhabi index edged higher.
Islamic Arab Insurance Company or