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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 MSM30 index ended lower on Wednesday and closed at 4,485.06 points, down by 0.24 per cent. MSM Sharia Index closed at 622.01 points, down by 0.06 per cent. Bank Muscat was the most active in term
Times of Oman
Trade values dwindled on the UAE’s stock markets, with the main indices ending nearly flat on Wednesday amid a lack of catalysts to drive any strong trading activity.
The Dubai Financial Ma
Kuwait stocks slipped into red on Wednesday extending the losses to third straight session. The All Shares Index dropped 10.78 points in choppy session to 5118.62 points dragged by heavyweights even
The MSM30 index ended lower on Tuesday and closed at 4,495.69 points, down by 0.45 per cent. MSM Sharia Index closed at 622.37 points, down by 0.03 per cent. Bank Muscat was the most active in terms
Times of Oman
The UAE’s main stocks indices ended lower on Tuesday, albeit marginally, as sentiment remained sour amid concerns about emerging market stocks and currencies as well as trade tariffs.