UAE indices edge lower as Q1 earnings eyed
Published: 19:24 March 28, 2016
Dubai: UAE indices ended a tad lower on Monday with traders awaiting fresh leads from first quarter earnings due in April even as Dubai Parks and Resorts slumped nearly 7 per cent in trade.
The Dubai Financial Market General Index closed 0.39 per cent lower at 3,266.31. The Abu Dhabi Securities Exchange General index closed 0.45 per cent lower at 4,278.89.
“The market were trendless. We will enter the month of April when we will start looking at earnings of the first quarter. There is a lack of interest in the market following the good rebound we saw,” Sebastien Henin, head of asset management at The National Investor said.
Dubai Parks and Resorts ended nearly 7 per cent lower at Dh1.21. Emaar Properties closed more than 1 per cent lower at Dh5.80.
“Long term traders should remain neutral on Emaar Properties with the aim to reposition only after stronger trending characteristics appear on long term charts.
The dip below previous medium term support at 5.70 has shown intentions to continue the downtrend, with the bearish scenario remaining in place despite the
recent correction,” Menacorp said in a statement.
Gulf Finance House ended more than 0.5 per cent lower at Dh0.795. Arabtec closed more than a per cent higher at Dh1.62. Out of a total of 34 stocks traded on the exchange, shares of 18 firms fell, while other 9 rose.
“Markets would stabilise in coming weeks,” Henin said, adding “traders would look at oil and first quarter results for direction.” Dubai index, which was in the bear market in mid January, has recovered and managed to gain nearly 4 per cent since the start of the year ahead of the results from companies, which will start publishing from early April.
In Abu Dhabi, Dana Gas closed 4 per cent higher at Dh0.52. Rak Properties closed more than 9 per cent lower at Dh0.57. Eshraq Properties closed more than 2.5 per cent lower at Dh0.75.
Out of a total of 24 stocks traded on the exchange, shares of 14 firms fell, while other 4 rose.