Abu Dhabi, Dubai indexes edge lower, new leads eyed

The Dubai Financial Market General Index closed 0.32 per cent lower at 3,204.11

Published: 18:39 November 26, 2015

By Siddesh Suresh Mayenkar, Staff Reporter

Dubai: UAE indexes edged lower on Thursday amid low volumes, consolidating further in recent ranges as investors searched for the next trigger.

The Dubai Financial Market General Index closed 0.32 per cent lower at 3,204.11.

“The medium term [for the Dubai index] continues in a downtrend, having breached through the August low of 3,240, outlined as the last medium term support before the 52-week low at 3,000,” leading brokerage Menacorp said in a note to its clients.

Arabtec ended 0.88 per cent lower at Dh1.13, while Emaar Properties closed 1.01 per cent lower at Dh5.89.

“In the medium term, the bearish momentum has restarted for Arabtec and after the formation of a daily top at 1.25, confirming the level as a medium term resistance,” the Menacorp note added.

Gulf Navigation jumped 5.88 per cent to end at Dh0.508 after Abu Dhabi Financial Group showed intention to raise its stake in the group as it works to improve the company’s performance.

Emaar Malls Group ended 1.09 per cent higher at Dh2.79. Dubai Islamic Bank ended more than a per cent to end at Dh6.26.

“Long term traders should wait for stronger trending characteristics before preparing to acquire new Bullish positions with the market continuing to show weak signals with increased volatility,” the Mencorp note added.

Amlak Finance closed more than a per cent lower at Dh1.41.

Out of a total of 34 stocks traded on the exchange, shares of 19 firms fell, while shares of another 11 firms rose.

The Abu Dhabi Securities Exchange General Index closed 0.26 per cent lower at 4,219.86.

Aldar Properties closed almost steady at Dh2.38.

“The long-term continues to be in a strong downtrend for Aldar Properties, currently testing the Dh1.90 low that previously provided support in December 2014,” added the note from Menacorp.

Eshraq Properties closed more than 3 per cent lower at Dh0.49. Etisalat shares ended 0.32 per cent lower at Dh15.40.

Out of a total of 26 stocks traded on the exchange, shares of 11 firms rose, while shares of 10 firms fell.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul All Share index closed 0.42 per cent higher at 7,238.56 despite lower oil prices.

Oil prices fell, after six days of gains, as concerns that escalating violence in the Middle East would disrupt supply faded, and the focus returned to a persistent market glut. Brent crude was down 69 cents at $45.48 a barrel.

Alinma Bank ended 0.21 per cent higher at 14.45 Saudi riyals, while Saudi Basic Industries closed 0.04 per cent lower at 89.75 Saudi Riyals. Al Rajhi Bank ended at 50.75 Saudi Riyals, up 0.24 per cent.

Out of a total of 166 stocks traded on the exchange shares of 75 firms rose, while shares of 72 firms fell.

In Qatar, the exchange index closed 0.10 per cent higher at 10,522.21, while Muscat Secutrities ended 0.48 per cent lower at 5,668.40.

Bahrain Bourse All Share index closed 0.11 per cent higher at 1,232.76. Kuwait Exchange index closed 0.38 per cent higher at 5,794.64.

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