Dubai index trades sideways as volumes remain depressed

Bullish scenarios expected to remain on hold, Menacorp note says

Published: 17:11 March 21, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai: Trading volumes remained depressed in Dubai stocks on Tuesday as traders sought fresh leads.

Traded value came in at Dh298 million on Tuesday, continuing its low levels, compared to last week’s average of Dh687 million.

The Dubai Financial Market General Index (DFMGI) closed 0.50 per cent higher at 3,494.87.

“With the medium term reflecting a strong downtrend, both long- and medium-term traders shall remain out of the market until the daily time frame can set the foundation of a forthcoming uptrend,” Menacorp said in a technical note.

Emirate Integrated Telecommunications or Du closed 1.59 per cent higher at Dh6.09, while Emaar Properties closed 0.68 per cent higher at Dh7.35.

“… bias in the medium term shifted into bearish [mode] following the recent drop below Dh7.35 in Emaar. Therefore, even though a corrective bounce is [in] play, bullish scenarios are expected to remain on hold in the not-too-distant future,” the Menacorp note added.

Air Arabia closed less than a per cent higher at Dh1.10.

Out of a total of 35 stocks traded on the exchange, the shares of 22 firms rose, while those of seven others fell. The rest remained steady.

The Abu Dhabi Securities General Index closed 1.24 per cent higher at 4,512.82.

First Gulf Bank closed 1.56 per cent higher at Dh13. National Bank of Abu Dhabi closed 1.94 per cent higher at Dh10.50.

Union National Bank closed 2.12 per cent higher at Dh4.34. Etisalat closed 1.40 per cent higher at Dh18.15.

Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.09 per cent lower at 6,912.78 while the country’s Parallel Market index or Nomu closed 2.66 per cent lower at 5,232.01.

The Qatar Stock Exchange index closed 0.76 per cent higher at 10,485.53 while the Muscat MSM 30 index closed 0.72 per cent lower at 5,629.93.

The Bahrain bourse closed 0.61 per cent lower at 1,365.78 while the Kuwait Stock Exchange Index closed 0.18 per cent higher at 6,881.20.

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