Dubai:
Bulk deals continued for a second session in a row in Amanat after changes in leadership were announced.
Amanat closed flat at Dh1.30. Amanat saw a couple of bulk deals of 40 million shares, after similar deals of 60.5 million shares done on Thursday.
Amanat was the actively traded stock on the Dubai bourse with traded value at Dh72 million. The rest of the stocks on the Dubai bourse were quiet.
“We have a shortened trading week. Today was a quiet day. International investors were also off due to thanksgiving in the US,” said Saleem Khokhar, head of equities — investment management, First Abu Dhabi Bank. The Dubai Financial Market General Index closed 0.34 per cent lower at 3,449.14.
In other stocks, Gulf Finance House closed 1.16 per cent higher at Dh1.74. Emaar Malls closed 2.3 per cent higher at Dh2.2. Emaar Development was 0.52 per cent higher at Dh5.78. Emaar Properties closed 0.76 per cent lower at Dh7.80. Dubai Islamic Bank closed 0.33 per cent lower at Dh6.04. The Abu Dhabi Securities Exchange general index closed 0.11 per cent lower at 4,282.27. Manazel closed flat at Dh0.55.
“Manazel may recover back to the previous high of Dh0.60. Traders who are looking to buy may place stop loss at Dh0.50,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. RAK Bank closed 3.06 per cent lower at Dh4.75. Commercial Bank International closed 9.09 per cent lower at Dh0.80. Abu Dhabi Islamic Bank closed 1.07 per cent lower at Dh3.69.
Outlook
“UAE stocks are at attractive valuations. I expect fourth quarter to be solid, setting up for a strong performance in 2018,” Khokhar said.
The benchmark Dubai index has been a better performer in the region with 5 per cent gains so far in the year. Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.81 per cent higher at 6,933.77.
