Dubai index in range as Aldar shares eyed

Aldar Properties witnessed a pickup in buying as volumes jumped to the highest since April 2

Published: 14:49 May 2, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai:

The Dubai index traded in a narrow range on Tuesday, even as traders bought shares of Dubai Investments.

The Dubai Financial Market General Index closed 0.11 per cent lower at 3,436.63.

“We should continue moving to the upside and target the 3,500,” said Hisham Khairy, Head of Institutional Trading at Menacorp.

Dubai Investments closed 1.88 per cent higher at Dh2.17. Emaar Properties closed 1.22 per cent higher at Dh7.44.

Arabtec closed 1.76 per cent lower at Dh0.837 after the company announced the dates for rights issue.

Amanat closed 0.86 per cent lower at Dh1.15.

Union Properties closed 0.94 per cent lower at Dh1.050.

Out of a total of 34 stocks traded on the exchange, shares of 22 firms fell, while other 10 rose. The rest remained steady.

The Abu Dhabi Securities Exchange general index closed 0.11 per cent lower at 4,552.88.

Aldar Properties witnessed a pickup in buying. Volumes were the highest since April 2. About 21.71 million shares changed hands in Aldar on Tuesday, and shares closed 2.76 per cent higher at Dh2.23.

Commercial Bank International closed 9.71 per cent lower at Dh1.58. Bank of Sharjah closed 6.87 per cent lower at Dh1.49. Abu Dhabi Commercial Bank closed 0.43 per cent lower at Dh6.99.

Elsewhere in the Gulf, Saudi’s Tadawul index was 0.02 per cent lower at 7,002.11. Saudi Basic Industries Corp. shares closed lower despite registering robust first quarter net profit. SABIC shares were down 0.59 per cent at 99 Saudi riyals. The Qatar exchange index closed at 10,110.45.

The Muscat MSM 30 index closed 0.34 per cent lower at 5,510.040. The Bahrain bourse index closed 0.21 per cent higher at 1,338.42.