Traded value tumbles 40% in steady Dubai equity markets

25/07/2017 06:17 AST

Traded value tumbled in equity markets in Dubai on Monday as the actively traded stocks moved in a tight range. Traded value fell 40 per cent to Dh218 million compared with an average of Dh366 million since the start of July. The Dubai Financial Market General index closed 0.08 per cent higher at 3,599.38, after moving a tight range of 3,578.69 — 3,616.55.

Gulf Finance House, which was the most actively traded name on the bourse, closed 0.47 per cent higher at Dh2.12.

Drake and Scull closed nearly 2 per cent higher at Dh0.413. “The stock is holding over 50 day moving average, and may target Dh0.46/0.51 in the short term, traders may look to buy the stock with stop loss at Dh0.367,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Emaar Properties closed nearly 1 per cent higher at Dh8.18. Amlak Finance closed at Dh1.14, down 1.72 per cent.

“Amlak could easily fall back to the AED1.05 level already seen some strong selling pressure,” said Hisham Khairy, Head of Institutional Trading at Menacorp. Arabtec closed at Dh3.48, down 0.85 per cent.

“Dubai Investments (DIC) closed 1.66 per cent lower at Dh2.37. DIC could fall back to test the Dh2.26 level, would mainly shift to names lagging recent move like Dubai Entertainments, Dubai Islamic Bank, Union Properties and Gulf Finance House,” said Khairy.

The Abu Dhabi Securities Exchange general index closed 0.12 per cent higher at 4,540.24. Dana Gas closed 1.52 per cent higher at Dh0.67. Etisalat closed 0.54 per cent higher at Dh18.45. Agthia Group closed 1.74 per cent higher at Dh5.27. RAK Bank closed 1.12 per cent higher at Dh4.5.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.26 per cent lower at 7,244.79. The Qatar exchange index closed 0.84 per cent higher at 9,579.16, bucking a weak regional trend.

The Muscat MSM 30 index closed 0.08 per cent lower at 4,995.17.

Gulfnews