UAE indices trade sideways as results awaited
Published: 16:18 July 27, 2016
Dubai: Dubai index witnessed sideways movement but held above 3,500 key support level, even as volumes remained dull.
The Dubai Financial Market General Index ended 0.85 per cent lower at 3,509.90, after moving in tight range of 3,509.49-3,541.21. Volumes stayed near almost steady at Dh300 million.
“The Dubai index would continue to consolidate just over the strong support of 3,480. Traders should look to buy those stocks, which were outperforming like Dubai Parks from low support levels,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Emaar Properties closed 0.29 per cent lower at Dh6.88, while Dubai Islamic Bank, whose results failed to cheer the market, ended 0.92 per cent lower at Dh5.38.
DP World closed less than a per cent lower at $16.95 (Dh62.20). Dubai Parks and Resorts closed 1.76 per cent lower at Dh1.67.
Emaar Malls witnessed buying in last half an hour of trade, and managed to close in positive. Emaar Malls ended at Dh2.94, up 0.34 per cent. Of the total 1.17 million shares traded on Emaar Malls, about 90 per cent of the traded volume came in the last hour of trade.
Out of a total of 34 stocks traded on the exchange, shares of 25 firms fell, while 7 rose. The rest remained steady.
The Abu Dhabi Securities Exchange general Index closed 0.33 per cent higher at 4,606.95. Abu Dhabi Commercial Bank (ADCB) hit a high of Dh6.74, its highest level in three months. ADCB closed 3.70 per cent higher at Dh6.72. “ADCB is approaching our target Dh6.79 would advise booking profits around here.”
Menacorp said in a note. Aldar Properties ended flat at Dh2.90, after rising as much as Dh2.99.
Dana Gas closed more than 1 per cent lower at Dh0.56. Out of a total of 22 stocks traded on the exchange, shares of 10 firms rose, while 7 fell.
Elsewhere in the Gulf, Qatar exchange index closed 0.64 per cent higher at 10,604.77, while Saudi Arabia’s Tadawul index closed 0.65 per cent lower at 6,428.57. The Kuwait Stock Exchange index closed 0.41 per cent lower at 5,461.90.