Emaar weighs on Dubai index 2 days before unit’s listing

21/11/2017 07:37 AST

Emaar Properties weighed on the wider Dubai index, two days before the listing of its development unit.

The stock closed 1.16 per cent lower at Dh7.68, dragging the Dubai Financial Market (DFM) General Index 0.19 per cent lower to 3,416.72.

Drake & Scull (DSI) witnessed continued to witness bulk deals after being included on the MSCI GCC index last week.

The stock saw 72 million shares traded in two bulk deals on Monday, hot on the heels of the 54 million shares traded on Sunday, to close the session 1.11 per cent lower at Dh1.78. In other trades, Dubai Islamic Bank (DIB) advanced 0.67 per cent to Dh6.02, while Damac Properties shed 0.88 per cent to close at Dh3.38.

‘Quiet session’

“Everything is very quiet. Things are very slow, nobody is willing to take any risk at the moment,” said Hesham Khairy, head of institutional trading at Menacorp. Traded value on the Dubai bourse stood at Dh408 million, a far cry from last week’s high of Dh1 billion.

In the UAE capital, the Abu Dhabi Securities Exchange (ADX) General Index closed 0.22 per cent higher at 4,288.86.

Etisalat shed 0.31 per cent to close at Dh16.10 while Abu Dhabi Commercial Bank slipped 0.28 per cent to end the day at Dh7.08.

Waha Capital, however, gained 2.33 per cent to close at Dh1.76. Elsewhere in the Gulf region, Saudi Arabia’s Tadawul All Share index fell 0.6 per cent to close at 6,825.93, while the Muscat MSM 30 index closed 0.24 per cent lower at 5,085.24. The Qatar Exchange index closed 0.25 per cent lower at 7,808.18.

Gulfnews