Dubai: The Dubai index fell nearly a per cent on Sunday despite strong crude oil in a low volume trade after trading in a narrow range in February. The Abu Dhabi index, however, ended almost steady.
The Dubai Financial Market General Index ended 3,827.22, down 0.97 per cent after falling to a low of 3,826.17. Volumes were at Dh263 million.
Arabtec, which was the most active stock in terms of value, ended 3.16 per cent lower at Dh3.06. Emaar Properties also ended 1.72 per cent lower at Dh7.42.
Damac Properties ended 1.36 per cent lower at Dh2.91. Shuaa Capital ended 4.11 per cent lower at Dh0.70
Out of a total of 36 shares of companies traded on the exchange, shares of 15 companies fell, while shares of 11 companies rose.
“There is no catalyst to the market and there is no much interest at this time despite a 4 per cent jump in crude oil,” Musa Haddad, equity fund manager at National Bank of Abu Dhabi’s asset management group.
People are waiting for the half year results for clear direction and till then markets are expected to trade sideways with low volumes, Haddad added.
“If you are long-term investor you can accumulate at these level as market is expected to give 10-15 per cent,” he added.
The Abu Dhabi Securities Exchange General Index ended 0.06 per cent higher at 4,689.20. Etisalat Telecommunication ended 1.24 per cent higher at Dh12.2. Rak Properties ended 1.30 per cent higher at Dh0.78. Arkan Building Material ended 6.86 per cent higher at Dh1.09. Abu Dhabi Commercial Bank ended 0.65 per cent lower at Dh7.65.
Mobily:
The Capital Markets Authority said it has assigned specialised team to review Mobily’s financial statements after suspending trading in its shares last week.
The team can review all related documents to financial statements, “conduct site visits, hear all concerned parties’ statements and obtain copies of documents that the team deems necessary, in order to complete the required legal procedures,” the regulator said in a statement.
“There is a problem with the telecom sector and it had a bad 2014. except for Etisalat only,” said Haddad.
Saudi’s Tadawul All share TASI index was 0.20 per cent higher at 9,332.35.
Elsewhere in the Gulf, Qatar Stock Exchange index ended 0.12 per cent lower at 12,445.34. Muscat Securities MSM 30 index ended 0.32 per cent higher at 6,580.41.
Kuwait Stock Exchange Index ended 0.30 per cent lower at 6,581.76, while Bahrain Bourse All Share Index ended 0.13 per cent higher at 1,476.31.
