Dubai index steadies with Arabtec

Aramex gains more than 5 per cent in last half an hour, pushing the index a little higher

Published: 16:38 February 26, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai:  Dubai index, which was mirroring moves in Arabtec last week, closed almost steady yesterday, with some activity seen in Aramex in the last half an hour of trade.

The Dubai index closed 0.24 per cent higher at 3,642.51. Aramex closed more than 5 per cent higher at Dh4.92.

“It was a quiet day after we saw some weakness on Friday,” Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

Best performing Damac Properties shares closed 1.39 per cent higher at Dh2.91 with trade. Damac Properties gained 52 per cent from November 11 compared to 12.8 per cent gain on Dubai index.

Volatility in Arabtec vanished. Arabtec, which hit lower circuits last week, closed flat at Dh0.955.

“Traders shall be waiting for reversal patterns in this descend before considering new positions in the share,” brokerage Mencorp said in a technical note.

Most active stock Gulf Finance House closed steady at Dh2.86. Dubai Islamic Bank closed 0.65 per cent higher at Dh6.24.

Out of a total of 33 stocks traded on the exchange, shares of 12 firms rose, while another 11 fell. The rest remained steady.

The Abu Dhabi Securities Exchange closed 0.07 per cent higher at 4,656.73.

“The recent long term rally was halted slightly above the previous weekly top at 4,715, hence long term traders shall be cautious and wait to see whether the bulls are strong enough to start a new attempt to cross that level,” the Menacorp note added.

Activity

Agthia Group closed 2.54 per cent higher at Dh6.47, while FGB closed 0.73 per cent higher at Dh13.80.

National Bank of Abu Dhabi closed 0.48 per cent higher at Dh10.55. Sharjah Islamic Bank closed 1.27 per cent higher at Dh1.60. Union National Bank closed 1.13 per cent at Dh4.49. Out of a total of 30 stocks traded on the exchange, shares of 13 firms rose, while other 11 fell. The rest remained steady.

“I expect some volatility to come through in coming sessions. Local stocks may move when the companies go ex-dividend, that would be potential market moving event,” said Khokhar.

“The global environment seems fairly good, and hopefully that should continue,” Khokhar added. The US market continued its record breaking streak on Friday on the back of fiscal spending by the new Donald Trump administration in the US.

In other markets in the Gulf, Saudi Arabia’s Tadawul index closed 0.05 per cent higher at 7,049.54. The Qatar exchange index closed 0.11 per cent higher at 10,937.07. The Muscat MSM 30 index closed 0.27 per cent lower at 5,833.56. The Bahrain index closed 0.06 per cent higher at 1,350.14.