Dubai: Arabtec jumped on Sunday ahead of the second quarter results in a steady Dubai market even as Manazel saw some activity in Abu Dhabi.

Arabtec closed 2.59 per cent higher at Dh3.57 ahead of the board meeting on August 8, when they will discuss and approve their second quarter results.

The Dubai Financial Market General Index closed 0.25 per cent lower at 3,665.94. “DFM index heading to test the strong resistance around the 3,740,” said Hesham Khairy, head of institutional trading at Menacorp.

Emaar Properties also closed 0.8 per cent higher at Dh8.42.

“Emaar and Dubai Islamic Bank have been the main reason for the index strength, Union Properties is lagging big time and should see a move anytime soon, it’s the only stock that’s going the other direction and keeps falling everyday,” Khairy said.

DIB closed 0.16 per cent lower at Dh6.16. Union Properties closed 1.33 per cent lower at Dh0.893. In other stocks, DFM shares were 1.81 per cent lower at Dh1.22, down 0.81 per cent.

Trading value came in at Dh202 million on Sunday, compared to an average of Dh300 million last week.

“The global optimism will have its effects on regional markets in the coming period, however, summer vacations and investors’ concerns on the geopolitical scene in the region may have its effect on trading volumes,” Al Masah Capital said in a note.

Abu Dhabi

The Abu Dhabi index closed 0.05 per cent higher at 4,598.42.

Abu Dhabi Commercial Bank closed 0.82 per cent higher at Dh7.40. Manazel closed 3.85 per cent higher at Dh2.44. Aldar Properties closed 0.42 per cent higher at Dh2.38. Agthia closed 0.18 per cent higher at Dh5.43. Etisalat came in under pressure, closing 0.82 per cent lower at Dh18.25. Union National Bank closed 2.62 per cent lower at Dh4.46. Abu Dhabi National Hotels closed 1.86 per cent lower at Dh3.17.

In other markets, Saudi Arabia’s Tadawul index closed 0.12 per cent higher at 7,094.28, bucking a weak trend in regional markets.

The lead was maintained by capital goods and transportation stocks. Saudi Basic Industries closed 0.20 per cent higher at 97.40 Saudi riyals. Al Rajhi Bank closed at 61.90 riyals, up 0.05 per cent.

Dar Alarkan Real Estate Development Co closed 0.33 per cent higher at 6.03 riyals. The Muscat MSM 30 index closed at 5,022.43, down 0.69 per cent, while in Bahrain, the all share index was at 1,319.97, down 0,20 per cent.

Elsewhere in the Middle East, the Egyptian exchange index closed 1 per cent higher at 13557.63.