UAE indices in tight trading range, need fresh impetus

Dubai index stays above 3,500 levels even as trading volumes remained low

Published: 16:29 August 8, 2016

Siddesh Suresh Mayenkar, Senior Reporter

Dubai

UAE indices on Monday was stuck in a narrow trading range, even as Dubai stocks stayed above the keenly-watched 3,500 levels.

The Dubai Financial Market General Index closed 0.01 per cent lower at 3,510.95, after trading in the range of 3,501.71 to 3,518.26. The Abu Dhabi Securities Exchange General Index closed 0.06 per cent higher at 4,548.78, after moving in range of 4,529.61 to 4,555.11.

“Market is waiting for any news or event that could help them to start moving. Everybody is watching the international markets and oil prices,” Ahmad Waheed, Vice-President – Institutional Desk at Menacorp. Prices of crude oil, which gained 6 per cent in the last two trading sessions of last week, extended gains to near the $45 (Dh165.2) per barrel mark.

In the stock specific action, Gulf Finance House closed 0.82 per cent higher at Dh0.860, while Emaar Properties closed 1.3 per cent higher at Dh6.90.

Gulf General Investments Company closed 3.51 per cent higher at Dh0.590. Arabtec closed more than a per cent lower at Dh1.52.

“Arabtec continued its move heading towards Dh1.60 that level is crucial if broken higher, we could see more activity on the name with it targeting Dh1.80,” Waheed said.

Dubai Islamic Bank closed at Dh5.35, down 0.74 per cent. Overall, the trading volumes remained low in a traditional summer months to be at Dh279 million compared to Dh500 million a few weeks ago. Out of a total of 35 stocks traded on the bourse, shares of 14 firms fell, while other 11 rose.

Abu Dhabi stocks also witnessed mixed trend. First Gulf Bank closed 0.42 per cent higher at Dh12, while Abu Dhabi Commercial Bank closed 0.59 per cent lower at Dh6.75, Methaq Takaful Insurance closed 1.06 per cent lower at Dh0.93. Eshraq Properties closed 1.35 per cent higher at Dh0.75.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.47 per cent higher at 6,319.30 led by petrochemicals and retail stocks. Saudi Kayan closed more than 5 per cent higher at 6.95 Saudi Riyals, while Fawaz Abdul Aziz Alhokair Co. closed 4.93 per cent higher to 41.90 Saudi Riyals. Dar Alarkan Real Estate Development Co. closed 4.55 per cent higher at 6.20 Saudi Riyals. Qatar exchange index closed 1.21 per cent higher at 10,920.29. Kuwait stock exchange index closed 0.45 per cent higher at 5,516.08. Muscat Securities MSM 30 index closed 0.21 per cent higher at 5,886.80. Bahrain bourse all share index closed 0.18 per cent lower at 1,155, In the wider Middle East, Egyptian EGX 30 price return index closed 0.69 per cent higher at 8,280.28.

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