Inconsequential trading seen in Dubai stocks

Traded value falls further ahead of Eid holidays

Published: 16:19 June 21, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai

Inconsequential trading was seen in Dubai stocks even as some traders didn’t want to sit with open positions ahead of the Eid holidays.

The Dubai Financial Market General Index closed 0.98 per cent lower at 3,418.30.

“There were no catalysts. People are sitting tight, and closing their positions. Some swing traders were closing out. We had few sellers and hardly any buyers,” said Farid Samji — Head of Asset Management, Daman Investments.

Traded value were at Dh233 million, down from an average of Dh400-500 million. “Volumes are thin, people are in holiday mood,” said Samji.

Emaar Properties closed 0.38 per cent lower at Dh7.95, while Gulf Finance House closed 2.29 per cent lower at Dh2.13. Dubai Islamic Bank closed 0.69 per cent lower at Dh5.75. Union Properties closed 2.07 per cent lower at Dh0.948.

The Abu Dhabi Securities Exchange general index closed 0.07 per cent higher at 4,459.05.

RAK Bank closed 5.58 per cent higher at Dh4.54. Gulf Pharmaceuticals closed 4.35 per cent higher at Dh2.40. Etisalat closed 0.29 per cent higher at Dh17.35. Dana Gas closed 6.15 per cent higher at Dh0.69.

Downside:

Going ahead, analysts see a downside in Dubai stocks.

“DFM index couldn’t break the 3465 for the past 5 sessions is that a pause or reversal could take place from here, global markets in the red and we are approaching the long weekend so some selling pressure could take place,” Hisham Khairy, Head of Institutional Trading at Menacorp.

The Dubai index has lost 3 per cent so far in the year.

Elsewhere in the Gulf, the Qatar exchange index closed more than a per cent lower at 8,777.73. The Muscat MSM 30 index closed 1.42 per cent lower at 5,121.47. The Bahrain index closed 0.44 per cent lower at 1,313.41.