Dubai: Dubai index edged higher on Thursday, amid falling volumes led by Emirates NBD, which went ex-dividend. The Abu Dhabi index, however, ended a tad lower.
“Despite the positive nudge at the beginning of the week, dividend gaps of heavyweight stocks have sent both DFMGI and ADX to lower levels throughout the remainder of the week. Sentiments are still weak and are evident by unjustifiable downside pressures,” said Talal Touqan, Head of Research and Advisory at Al Ramz Capital.
The Dubai Financial Market General Index ended 0.30 per cent higher at 3,707.77, after trading in the range of 3,683.07-3,708.42. Shares worth Dh200 million were traded, a level last seen in 2010.
“I see the market going down further to touch a support level of 3,500,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Emirates NBD ended 3.02 per cent lower at Dh9 after the stock went ex-dividend.
Drake and Scull International ended 4.86 per cent higher at Dh0.755. Amanat ended 3.33 per cent higher at Dh0.838, while Emaar Properties, which was the most-active stock in trade, ended 0.43 per cent higher at Dh7.060. Emaar Malls Group ended 1.07 per cent higher at Dh2.83.
Dubai Islamic Bank ended 0.64 per cent lower at Dh6.17, while Damac Properties ended 0.78 per cent lower at Dh2.55.
Out of a total shares of 32 companies traded on the exchange, shares of 19 companies rose, while shares of 9 companies fell.
On Nasdaq Dubai, Egypt’s Orascom Construction ended 3.99 per cent lower at $12.9, extending previous session’s losses.
Abu Dhabi edges lower
The Abu Dhabi Securities Exchange General Index ended 0.36 per cent lower at 4,483.54. Shares worth about Dh115 million were traded on ADX, the level last seen in 2008.
Aldar Properties ended 0.41 per cent lower at Dh2.43, while Waha Capital fell 0.34 per cent to Dh2.91.
Abu Dhabi Commercial Bank lost 6.39 per cent to Dh6.88, while Ras Al Khaimah Cement declined 2.17 per cent at Dh0.90.
Abu Dhabi Islamic Bank ended 1.76 per cent lower at Dh5.03. Gulf Cement gained 8.14 per cent at Dh1.16.
Out of a total shares of 22 companies traded on the exchange, shares of eight companies rose, while shares of another eight fell.
Saudi’s Tadawul ended 0.3 per cent higher at 9,691 led by property majors.
Tadawul index may fall to 9,371 first and then recover to 10,000 in 3-5 weeks, said Al Ashri.
Jabal Omar Development rose as much as 88.75 Saudi riyals, before closing 0.93 per cent lower at 82.00 Saudi riyals.
Dar Alarkan Real Estate ended 0.40 per cent higher at 10 Saudi riyals.
