Dubai: Dubai index extended gains in a low volume trade even as traders awaited for fresh catalyst for direction. Abu Dhabi index ended higher.
The Dubai Financial Market General Index ended 0.82 per cent higher at 3,870.15, after trading in the range of 3,837.97-3,870.37. Volumes were a little over Dh400 million, almost half of the daily normal average.
“Turnover is still low as we have been in the range of 3,800-4,000 level,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.
Takaful-EM, which was the top gainer in trade, ended 7 per cent higher at Dh1.07. Mashreq, which was the second biggest gainer, closed 5.79 per cent higher at Dh128.
Emaar Properties, which was the most-active stock in trade, ended 1.34 per cent higher at Dh7.58. Damac ended 2.07 per cent higher at Dh2.96.
Out of a total of 36 stocks traded, shares of 22 companies rose, while shares of 10 companies fell.
The Abu Dhabi Securities Exchange General Index ended at 4,631.19, up 0.22 per cent. Aldar Properties ended 2.3 per cent higher at Dh2.67, making it the most active stock in trade. First Gulf Bank ended 0.28 per cent lower at Dh17.65. Agthia Group was the biggest gainer in trade, and ended 6.26 per cent higher at Dh6.79.
Of a total of 24 shares traded, shares of 11 companies rose, while shares of 8 fell.
“I would believe while we approach dividend distribution, we can see that more catalysts and international market strength can also support going forward. The first quarter results in April could also impact markets,” said Shurrab.
Investors have been ignoring strong fourth quarter results, even as sentiment remains weak for fresh volumes to come on the market.
Saudi’s Tadawul
Saudi’s Tadawul All Share TASI index reversed early losses to trade higher, after Mobily’s earnings shocker weighed on sentiment through most part of the day.
The Tadawul index was 0.19 per cent higher, after hitting a low of 9,255.45. Mobily or Etihad Etisalat said it swung to a full-year loss of 913 million riyals in 2014, which triggered a suspension of trading in shares. The shares have fallen by 56 per cent since an accounting scandal first broke in November, wiping $9.1 billion from its market value.
Elsewhere in the Gulf, the Qatar Exchange Index ended down 0.43 per cent lower at 12,471.96. Ezdan Holding dropped 3.7 per cent after announcing 2014 results and dividend. Muscat Securities MSM 30 Index ended 0.31 per cent lower at 6,578.57. The Bahrain Bourse All Share Index ended 0.16 per cent lower at 1,469.24.
