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Dubai index edged lower again on Tuesday with low volumes, indicating continued sluggishness in the market.
The Dubai Financial Market General index closed 0.23 per cent lower at 3,561.05. Emaar Properties witnessed renewed selling from an intra-day high to close at the low of the day of Dh8.47, down 0.47 per cent. “The stock broke below the trailing stop level at Dh8.60, which ignited selling pressure and made it test the first support at Dh8.45. A break below will lead us lower towards the next levels at Dh8.34/8.25 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
Shares of Emaar Properties have been on a back foot as traders seem to have discounted the news of dividend from an IPO of a development unit. Emaar Properties plan to sell 30 per cent of its stake in a development unit, the proceeds of which will be distributed as dividend among shareholders.
Gulf Finance House closed 1 per cent lower to be at Dh1.71. DP World closed more than 2 per cent lower at $22.50. Dubai Entertainments closed 0.27 per cent higher at Dh0.772. Emaar Malls closed 0.86 per cent higher at Dh2.35. Traded value stood at Dh193 million. The Abu Dhabi Securities general index closed 0.07 per cent higher at 4,413.79. Dana Gas closed flat at Dh0.72. Aldar also closed steady at Dh2.29.
Abu Dhabi Commercial Bank closed flat at Dh7.09. Bulk trade was seen in Etisalat, which flat at Dh17.65. About 26 million shares were traded on the name, the highest since June 2016. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.22 per cent higher at 7,240.10. The Qatar exchange index closed 1.42 per cent higher at 8,569.26. The Muscat MSM 30 index closed at 5,114.12, down 0.30 per cent.
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