Dubai index witnesses continued sluggishness

27/09/2017 06:10 AST

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.

Gulfnews