Dubai index falls 1%, still above 3,000 level

Two active stocks Emaar and Arabtec fall more than 3% in trade

Published: 18:04 November 24, 2015

By Siddesh Suresh 
MayenkarStaff Reporter

Dubai: UAE indexes closed lower on Tuesday after witnessing decent gains in the previous session, with Dubai index closing more than a per cent lower but still above the keenly-watched 3,000 level.

The Dubai Financial Market General Index closed 1.41 per cent lower at 3,209.21, after gaining more than 1 per cent in the previous session.

Arabtec shares ended close to 4.31 per cent lower at Dh1.1, after the company appointed a new chief executive officer.

Damac Properties also ended 0.39 per cent higher at Dh2.56, while Emaar Properties ended the session in the negative territory, with 3 per cent losses to end at Dh5.95.

The daily chart continues to reflect mixed technical signals for Emaar Properties after showing first signs of support above the August low, Menacorp said in a note to clients.

Drake & Scull ended 0.24 per cent lower at Dh0.42.

Drake and scull international is still moving in a downward sequence of

tops and bottoms on the long term charts, Menacorp said.

Out of a total of 33 per cent stocks traded on the exchange, shares of 7 firms rose, while shares of 25 per cent fell.

The Abu Dhabi Securities Exchange General Index closed 0.75 per cent lower at 4,218.47.

“The medium term remains bearish for ADX index after finding support above the August low of 4,070,” Menacorp added.

Waha Capital ended steady at Dh2.23, while Etisalat ended 0.20 per cent lower at Dh15.7. Dana Gas closed 2.38 per cent lower at Dh0.41.

Out of a total of 29 shares traded on the exchange, shares of 5 firms fell, while 18 others rose.

Saudi Arabia bucks trend

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.73 per cent higher at 7,202.10.

Saudi Basic Industries closed 1.01 per cent higher at 89.75 Saudi riyals on the back of recovering crude prices.

Oil prices rose on Tuesday as tensions in the Middle East escalated following the downing of a Russian-made fighter jet near the Syrian-Turkish border, and a weaker dollar provided incentive for investors to buy more oil.

Qatar exchange index closed 0.60 per cent lower at 10,611.80.

“We should be testing the 10,500 soon then the 10,300, internationals continue to flee the market being net sellers while local funds have ben giving some support,” Hisham Khairy, head of institutional trading at Menacorp.

Muscat Securities MSM 30 index closed 0.34 per cent lower at 5,742.50. Kuwait Stock Exchange index closed 0.15 per cent lower at 5,765.04.

In the Middle East, Egypt’s index slipped 0.6 per cent as Orascom Telecom Media, which plunged 7.6 per cent on Monday after EFG Hermes downgraded it and the company described difficulties at its North Korean unit, sank a further 3.2 per cent to 0.60 Egyptian pounds.

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