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Selling stabilised on Dubai index after losing 3.2 per cent in the past two sessions as the gauge stayed below the 3,000 mark, while Saudi Arabia’s Tadawul index tumbled before the MSCI upgrade.
The Dubai Financial Market general index closed 0.57 per cent lower to 2,922.57, after trading below the 3,000 mark last week.
“Tadawul’s upgrade vote takes place today [Wednesday]; while this could have had a positive impact on the region at an earlier stage, the current pressure in UAE exchanges is not expected to see a direct upside from the following,” Menacorp said in a morning note.
Emaar Properties closed at Dh5.14, down 0.19 per cent. Dubai Islamic Bank closed 1.2 per cent lower to Dh4.94. Air Arabia continued its fall, ending down 0.95 per cent to Dh1.04. Arabtec closed 0.47 per cent lower to Dh2.14.
“Traders may look to buy Arabtec for a target of Dh2.30 with stops placed under Dh1.98 level,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.
The Abu Dhabi Securities Exchange general index closed 0.25 per cent lower to 4,550.29. Abu Dhabi Islamic Bank closed 1.04 per cent higher to Dh3.9. “ADIB may see a fresh leg up to the previous high of Dh7.65. Traders may look to buy on dips with stops below Dh6.98 support,” Prakash said. Julphar Pharmaceuticals closed 6 per cent higher to Dh2.24. Saudi Arabia’s Tadawul index closed 1.06 per cent lower to 8,182.68.
Saudi British Bank closed 3.70 per cent lower to 29.95 Saudi riyals (Dh29.33). Al Rajhi Bank closed at 85.20 riyals, down 2.07 per cent. Dar Alarkan Real Estate Development Co closed 1.39 per cent lower to Dh11.36. Elsewhere in the region, the Qatar exchange index closed 2.37 per cent lower to 8,881.85. The Muscat MSM 30 index closed 0.09 per cent higher to 4,593.53.
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.
The Dubai Financial Market (DFM) on Tuesday published a set of rules on the listing and trading of investment funds and Real Estate Investment Trusts (Reits).
The DFM said it prepared the r
The MSM30 index ended lower on Monday and closed at 4,515.94 points, down by 1.04 per cent. MSM Sharia Index closed at 622.56 points, down by 0.46 cent. Galfar Engineering was the most active in term
Times of Oman
The Abu Dhabi index was down 1.67 per cent on Monday, amid selling activity in heavyweight banking stocks, as emerging markets in Asia continued their sell-off.
The Abu Dhabi Securities Exc