Emaar Properties weigh on Dubai index again

29/11/2017 07:58 AST

Emaar Properties shares fell more than one per cent on Tuesday, weighing on Dubai index ahead of a long weekend, even as Dubai Investments and Drake and Scull, which are set to be included in the MSCI Gulf index, had a mixed session.

Emaar Properties closed 1.16 per cent lower at Dh7.64. The Dubai Financial Market General Index closed 0.46 per cent lower at 3,428.75.

Dubai Investments fell 2 per cent at Dh2.52, while DSI closed at Dh1.83, up 2.8 per cent. “DIC inflows are increasing with stock pushing higher towards the Dh2.66 recent high, DSI also moving towards the Dh1.86 resistance on increased volume,” said Hisham Khairy, head of institutional trading at Menacorp in a morning note on Tuesday.

In other stocks, Emaar Development closed 0.85 per cent lower at Dh5.80. Dubai Islamic Bank closed 0.17 per cent lower at Dh6.05. The Abu Dhabi Securities Exchange general index closed 0.48 per cent higher at 4,295.12.

“Recovery can be expected in Abu Dhabi index towards 4,360 only if the channel support of 4,267 holds strong. Break below shall target next at 4,180 in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.

Abu Dhabi Ship Building closed 14.95 per cent higher at Dh2.23. First Abu Dhabi Bank closed 0.99 per cent higher at Dh10.20.

Dana Gas closed flat at Dh0.72. Etisalat closed 0.31 per cent higher at Dh16.25. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.41 per cent higher at 6,967.35. The rally was mainly led by transportation and consumer services sector along with oil firms. Dar Alarkan Real Estate Development Co. closed 4 per cent higher at 9.56 Saudi riyals, while Alinma closed 1.53 per cent higher at 17.96 riyals. The Qatar exchange index closed 0.43 per cent lower at 7,734.41. The Muscat MSM 30 index closed flat at 5,110.53.

Gulfnews