UAE indices edge down with oil; Arabtec most active

Arabtec, which witnessed massive volatility earlier in the month, ended nearly 3.5% lower

Published: 18:40 March 21, 2016

Siddesh Suresh Mayenkar, Senior Reporter

Dubai

UAE indices ended lower on Monday on early weakness in oil prices with Arabtec re-emerging as the most active stock in trade.

The Dubai Financial Market General Index closed 0.24 per cent lower at 3,378.63. Abu Dhabi Securities Exchange General Index closed 0.43 per cent lower at 4,354.83.

“Long and medium term traders should remain outside of the market until the daily timeframe can confirm reversal patterns and signal the end of the downtrend. In the medium term the market remains in a downtrend,” Menacorp said in a statement.

Arabtec, which witnessed massive volatility earlier in the month, ended nearly 3.5 per cent lower at Dh1.67, a day after the company received a Dh1 billion project in the country. The stock contributed to 30 per cent of the total volumes. Gulf Finance House closed 1.20 per cent lower at Dh0.825, while Union Properties closed more than a per cent lower at Dh0.850.

Bucking the trend, Emaar Properties closed higher. The stock ended 0.32 per cent higher at Dh6.20. Out of a total of 36 stocks traded on the exchange, shares of 12 firms fell, while shares of 21 firms fell.

In Abu Dhabi, RAK Properties closed 1.54 per cent lower at Dh0.64, while Dana Gas ended nearly 2 per cent lower at Dh 0.51. Methaq Takaful Insurance ended more than 2 per cent lower at Dh0.91. Out of a total of 29 stocks traded on the exchange, shares of 18 firms fell, while other 8 rose

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