Shuaa Capital hits 52-week high in dull Dubai market
Published: 17:13 September 8, 2016
Shuaa Capital hogged the limelight among Dubai stocks yet again.
The buying momentum in the stock continued and it hit its highest level in 52 weeks and was the second most active stock in trade after Emaar Properties.
Shuaa Capital hit a 1-year high of Dh0.83, the highest level in a year, before closing at Dh0.82, 5.67 per cent higher than the previous closing. Shares worth Dh30 million got traded, about 11 per cent of the total traded volumes, Dubai Banking Group earlier in June agreed to sell over 48 per cent stake in Shuaa Capital to Abu Dhabi Finance Group.
The rest of the market remained dull ahead of the Eid holidays. UAE markets will remain closed from September 11-14 and trading will commence on Thursday.
Investors have been taking money off the table and reducing risk, while small caps still dominates trade, with blue chips on the back burner, said Hisham Khairy, head of institutional trading at Menacorp.
Aldar Properties fell, but Dubai Islamic Bank recovered from its intraday low to close flat. Emaar Properties closed less than a per cent higher at Dh7.15.
Arabtec closed 0.67 per cent higher at Dh1.51. Among the losers, Drake and Scull closed 2.28 per cent lower at Dh2.28.
Dubai Islamic Bank closed 0.17 per cent lower at Dh5.39. Out of a total of 35 stocks traded on the exchange, shares of 12 firms fell, while 11 rose.
Dubai Financial Market General Index closed 0,04 per cent higher at 3,519.22. Eshraq Properties closed more than one per cent higher at Dh0.82. Aldar Properties closed 0.72 per cent lower at Dh0.72. Rak Properties closed 1.64 per cent lower at Dh0.60. Dana Gas closed 1.72 per cent lower at Dh0.57. Out of a total of 21 stocks traded on the bourse, shares of 13 firms fell, while other 5 rose. The rest remained steady.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.61 per cent higher at 6,176.53. Qatar Exchange index closed 0.95 per cent lower at 10,534.10, continuing to lag in terms of performance after outperformance last month on the back of the inclusion in FTSE Russell index.
Muscat Securities MSM 30 index closed 0.09 per cent lower at 5,777.66. Bahrain Bourse all share index closed 0.70 per cent lower at 1,120.13.
Traders would be looking at crude oil prices along with global markets ahead of the holidays. On Thursday, oil prices rose more than 1.5 per cent after US industry data showed a large drawdown in crude stock. Oil registered 5 per cent gains on Monday to hit its highest level in a week after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market.