GFH shares buck weak trend on Dubai bourse

Select outperfomers like GFH, Tabreed, Shuaa Capital hit 52-week high even as global markets witness turmoil

Published: 16:30 November 9, 2016

Siddesh Suresh Mayenkar, Senior Reporter

Dubai: Even a sell-off in global equities didn’t refrain heavy buying in Gulf Finance House, Shuaa Capital and others even as the Dubai index closed in negative.

Gulf Finance House hit its highest level in 52 weeks of Dh1.50, before closing at Dh1.49.

“Traders are expecting good results from GFH and good dividends,” Ahmed Waheed, Vice President — Institutional Desk, Menacorp told Gulf News. GFH results are due next week. Eshraq Properties rose to a high of Dh0.95, before closing steady at Dh0.91.

Emaar Properties recovered partly from its low after posting 19 per cent jump in net profit during nine-months to September. At midmorning, Emaar Properties gained 3.52 per cent from an intraday low to its close. The stock ended at Dh6.77, down 0.29 per cent.

Arabtec closed 0.75 per cent lower at Dh1.32. Hits Telecom fell more than 4 per cent lower at Dh0.50.

The Dubai Financial Market General index closed 0.84 per cent lower at 3,278.93. Out of a total of 36 stocks traded on the exchange, shares of 25 firms fell, while eight others rose. The Abu Dhabi Securities Exchange General index closed 0.56 per cent lower at 4,323.39.

“Local markets tracked global ones in recovery after the results,” said Waheed.

First Gulf Bank closed at Dh12, while Taqa closed more than 7 per cent higher at Dh0.60. Out of a total of 30 stocks traded on the exchange, shares of 12 firms fell, while either others rose.

Caution

“I’m positive on whole markets as general. Things [the external environment] are not as bad, but we need to pursue with caution,” said Waheed.

The Tadawul index closed 0.98 per cent higher at 6,383.15. The Qatar exchange index fell 0.11 per cent to be at 9,974.60. The Muscat Securities MSM 30 index closed 0.60 per cent lower at 5,406.44. The Kuwait Stock Exchange index closed 0.26 per cent lower at 5,455.59.

In the wider Middle East, the Egyptian EGX 30 index closed 1.15 per cent higher at 10,212.75.

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