Dubai index sideways for third day

21/03/2018 07:42 AST

Dubai index stayed sideways for a third straight day, while Saudi’s Tadawul index edged higher.

The Dubai Financial Market General index closed 0.02 per cent lower to 3,182.80. “The main trend still remains down, and only a breach above 3,200/3,220 shall turn the trend up” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.

Emaar Properties closed 1 per cent lower to Dh5.94. Dubai Islamic Bank closed 0.92 per cent higher to Dh5.49. Arabtec closed 1.74 per cent higher to Dh2.34.

In other stocks, Air Arabia closed more than 1.5 per cent lower to Dh1.28. Drake and Scull closed 1.12 per cent lower to Dh1.77. Total traded value stood at Dh155 million, far lower than the seven-day average of Dh335 million.

“The Dubai Financial Market’s trading volume is once again disappointing and lagging as catalysts remain absent from the market especially as investors look closely at the drops in Asian and US indices as a result of a potential trade war and Tech-sector,” Menacorp said in a note. The Abu Dhabi Securities Exchange general index closed 0.38 per cent lower to 4,525.42.

“The fall on ADX index managed to hold over the support zone of 4,490, may ignite recovery back higher to fill the gap at 4,580,” Prakash said. Union National Bank closed 4.91 per cent lower to Dh3.68. Taqa closed 6.85 per cent lower to Dh3.68.

Saudi’s Tadawul index closed 0.18 per cent higher to 7,724.79. Dar Alarkan Real Estate Development Co. closed 0.18 per cent higher to 11.04 Saudi riyals, while Alinma Bank closed 0.45 per cent higher to 20.06 riyals. Al Rajhi Bank closed 1.74 per cent higher to end at 74.70 riyals.

Elsewhere in the Gulf, Qatar exchange index closed 0.99 per cent higher to 8,977.85. The Muscat MSM 30 index closed 1.05 per cent lower to 4,781.92.

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