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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 Dubai Financial Market General Index (DFMGI) dropped by 47.1 or 1.67 per cent last week to close at 2,778.76, the largest decline in 13 weeks. Market breadth was also bearish with 27 issues decli
Boursa Kuwait announced on Saturday it would begin on Sunday effecting Over the Counter Market (OTC) regulations and trading in this off-exchange system at the national stock exchange.
Boursa Kuwait announced Saturday the introduction of an Over the Counter Market (OTC). The new market will serve as a trading platform for companies that are not listed on Boursa Kuwait.
First Abu Dhabi Bank (FAB) surged with aggressive volumes even as the Abu Dhabi index jumped more than a per cent to breach the keenly watched level of 5,000 level on Wednesday.
The Abu Dh
Boursa Kuwait said it was committed to application of governance in compliance with regulations of Capital Market Authority (CMA), and to meet needs of traders. Boursa Kuwait has a duty to establishi