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 MSM30 index ended lower on Monday and closed at 4,381.92 points, down by 0.55 per cent. MSM Sharia Index closed at 605.47 points, down by 0.07 per cent. Bank Nizwa was the most active in terms of
Times of Oman
The contagion impact from the crisis in Turkey was being felt in Dubai, along with other emerging markets.
The impact was felt largely through Emirates NBD, which recently entered an agreem
Qatar stocks led losses across the Gulf on Sunday as the Turkish currency crisis unsettled investors. Every regional index ended the day in negative territory. The Doha measure declined by 2.6 perce
The MSM30 index ended lower on Sunday and closed at 4,406.35 points, down by 0.56 per cent. MSM Sharia Index closed at 605.87 points, down by 0.31 per cent. Al Anwar Holding was the most active in te
Times of Oman
Kuwait stocks swung lower on Sunday following last week’s winning spree. The All Shares Index dipped 23.99 pts in choppy trade to 5256.87 points as profit taking dragged most of the heavyweights i