Selling in bluechip stock weighs on Dubai index

UAE stocks enter pre-Ramadan lull as traded value tumbles

Published: 17:27 May 23, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai:

Selling in Emaar Properties, which has the highest weightage on Dubai index, weighed on the Dubai index on Tuesday even as trading volumes remained dull ahead of Ramadan.

The Dubai Financial Market General Index closed 0.78 per cent lower at 3,363.60. Emaar Properties closed 1.48 per cent lower at Dh7.33.

DP World closed at $22.33, down 0.58 per cent, and was the actively traded stock on the bourse. “DPW has been outperforming the market for the last month with a very strong performance the stock is currently trading at a crucial resistance level $22.50 if broken higher we could be heading for the all time high at $24,” Ahmad Waheed, Vice-President, institutional Desk at Menacorp.

Emirates NBD closed 1.83 per cent lower at Dh8.05. Dubai Financial Market shares closed 3.5 per cent lower at Dh1.08. In other stocks, Gulf Finance House closed 0.87 per cent higher at Dh2.27.

Pre-Ramadan lull

Traded value was at Dh272 million, down from an average of Dh300-350 million witnessed a few weeks ago due to pre-Ramadan lull.

The Abu Dhabi Securities Exchange general index closed 0.13 lower at 4,546.03 even as buying was seen in Abu Dhabi Commercial Bank (ADCB) and Etisalat.

Aldar closed 1.75 per cent lower at Dh2.24. “ALDAR has been looking positive lately with decent volumes stock is facing the Dh2.30 resistance if broken higher we could see the name at Dh2.40 once more representing a short term trade,” Waheed said.

ADCB closed 0.68 per cent higher at Dh7.35. Etisalat closed at 0.29 per cent higher at Dh17.45. Dana Gas closed 2.38 per cent higher at Dh0.43. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.73 per cent lower at 6,936.37. The Qatar exchange index closed 0.12 per cent weaker at 10,123.

The Muscat MSM 30 index closed at 5,401.59, down 0.22 per cent. The Bahrain bourse index closed flat at 1,309.86.