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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) index slid 0.33 per cent to close at 2,742.98, with most stocks ending in the red. Emaar continued to be the most actively traded stock on the bourse and fell to a low of Dh4.61 in early trade, before inching up to end the day flat at Dh4.71.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index slid 0.13 per cent to end at 4,876.39, with heavyweights including First Abu Dhabi Bank and Etisalat ending flat.
The ADX index fell 1.67 per cent a day earlier amid strong selling activity in most Asian markets as the US said it would impose yet another round of tariffs on $200 billion worth of imported Chinese goods.
“The UAE markets, especially Dubai, [are] getting hit, in our view, on account of global and emerging market factors. Neither the US nor China look to mellow down the rhetoric on the trade war, and this is spooking off investors,” said Vrajesh Bhandari, portfolio manager at Al Mal Capital’s asset management division.
On DFM, Dubai Islamic Bank rose 0.97 per cent, as GFH Financial Group gained 1.48 per cent, and Drake and Scull International increased 1.24 per cent. Meanwhile, Deyaar jumped 5.44 per cent.
The DFM index has shed 18.6 per cent of its value since the beginning of the year, with analysts saying that many stocks on the index are now oversold and have attractive valuations. But there may be more declines to come on the short term, analysts believe, especially amid a slowdown in the property market.
It’s a different story in Abu Dhabi, however, where the main index is 10.87 per cent higher year-to-date. The ADX index has been supported by the banking sector, which is benefiting from a higher interest rate environment, and more recently, news of a possible merger in the sector.
“We see more interest in Abu Dhabi given the ongoing consolidation in the banking sector. Also, the emirate is not much exposed to slowdown in regional trade or tourism,” Bhandari said.
The MSM30 index ended higher to close at 4452.91 points, up by 0.03 per cent. MSM Sharia Index closed at 603.43 points, down by 0.12 per cent. Oman Fisheries was the most active in terms of volume wh
Times of Oman
Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.46
QSE benchmark index rose 1.25 percent to 10,157 points, confirming a break above technical resistance at 10,003-10,028 points. The market is up 19.17 percent year-to-date (YTD).
Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses. The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding a
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman