GulfBase Live Support
The Dubai index fell more than 1 per cent on Sunday, its sharpest fall since July 2, as shares like Emirates NBD and DAMAC Properties weighed on sentiment.
The Dubai Financial Market General index closed 1.05 per cent lower to 2,889.45. The index has shed more than 11 per cent since the start of the year.
“Weakness on DFM has been seen from the beginning of this year triggered by multiple capital restructure programs and poor corporate governance. The newest factor has been the fresh US sanctions on Turkey which have left plenty of room for speculation especially on Emirates NBD’s exposure through its acquisition of Denizbank, which in turn has weighed on the Dubai Index,” Issam Kassabieh, Senior Financial Analyst — Research Department at Menacorp told Gulf News.
Emirates NBD closed 1.7 per cent lower to Dh9.83. Damac Properties closed 3 per cent lower. Emaar Properties closed 1.13 per cent lower to Dh5.24, and was the most-active stock in trade.
“Emaar Properties’ performance is related to its dividend payout which has been seen as ‘poor’ compared to its performance. The stock however remains undervalued from a sum of the parts valuation especially with the growth of Emaar Malls and Emaar Development as well as the hospitality business,” Kassadbieh said.
Emaar Properties has been one of the worst performer on the Dubai index and the shares have shed 31 per cent of its value in the past one year compared to 15 per cent fall on Dubai index.
Drake and Scull closed 5.6 per cent lower to Dh0.471. “Increased volume in DSI on the selling side is hinting at further decline. The share may target Dh0.38 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, who had a bearish view on the stock at Dh0.554. The Abu Dhabi Securities Exchange general index closed 0.56 per cent lower to 4,844.55. Union National Bank closed 2.86 per cent lower to Dh3.73. Dana Gas ended 0.88 per cent lower to Dh1.16.
“The trend remains bullish in Dana Gas and the stock is headed towards the next target at Dh1.25 in the near term,” Prakash said.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.71 per cent lower to 8,117.89. The Muscat MSM 30 index closed 0.56 per cent lower to 4,406.35. The Qatar exchange index closed 2.55 per cent lower to 9,635.00. The Bahrain all share index closed 0.09 per cent lower to 1,348.36. The Kuwait index closed 0.45 per cent lower to 5,256.87.
The stock markets in the UAE and GCC were in a tug-of-war state as investors weighed positive news on the economic front and a ‘catastrophic’ overnight explosion in Lebanon that killed at least 100.<
GCC equity markets staged a strong recovery in the latter part of 2Q20, reversing a large part of the prior losses induced by the coronavirus and its associated lockdowns and restrictions. The recove
The MSM 30 Index closed the week up by 0.12 per cent despite lower volume and turnover as compared to the previous week. Shariah index was down by 0.07 per cent. The turnover and volumes were lower t
Oman Daily Observer
Abu Dhabi Securities Exchange (ADX) announced on Tuesday that it has listed $4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding (MDGH).
The Gulf Today
Leading UAE banks have come to the bond market, and they are getting a warm response. Sharjah Islamic Bank priced its $500 million 5-year sukuk at LIBOR plus 285 bps, and received more than $3.4 bil