Dubai: The Dubai index rose more than 1 per cent amid consolidation in crude oil, even as Damac Properties fell the most in trade.
The Dubai Financial Market General Index ended 1.23 per cent higher at 3,941.39, after moving in the tight range of 3,889.40-3,961.08.
“Markets were up because of higher oil prices, even though we are still struggling to keep the high momentum,” Musa Haddad, equity fund manager at National Bank of Abu Dhabi’s asset management, said. “It’s too early to say where are heading. We need to breach 4,200 on the DFM index to have a clear direction. We are a little cautious.”
Oil gained after the biggest weekly advance in almost four years as signs of a drilling slowdown in the US bolstered speculation that companies are cutting back crude production amid a global glut.
Oil slid almost 50 per cent last year as US producers pumped crude at the fastest pace in more than three decades.
Property majors
Property majors like Arabtec and Emaar Porperties were the most actively traded stock on the exchange. Arabtec rose 1.26 per cent to Dh3.21 while Emaar Properties also rose 1.1 per cent to Dh7.33.
Amanat rose 5.33 per cent to end at Dh0.890, while Damac Properties ended 9.71 per cent lower at Dh2.79, after a lower than expected dividend.
“Investors were disappointed as they were expecting a cash dividend of 12 fils. They have better investment strategies. For time being it looks like Damac would like to conserve the cash,” Haddad said.
Out of a total of 36 shares traded on the exchange, the shares of 18 companies rose, while those of 13 companies fell.
The Abu Dhabi Securities Exchange General Index ended at 4,647.04, up 0.55 per cent. Ras Al Khaimah Ceramic Co ended at Dh6.67, up 3.20 per cent.
Out of a total of 30 shares traded on the exchange, the shares of 14 companies rose, while scrips of seven companies fell.
Saudi index
“For Saudi index, we are waiting... if it closes above 9,300, we would see an uptrend. Petrochem would [benefit] due to recovering crude prices. [An] extra two months’ bonuses would help consumer discretionary companies,” said Haddad.
The Saudi’s Tadawul All Share TASI index was up 0.14 per cent at 9,358.39.
Saudi Steel Pipe Co, which was the top gainer in trade, rose 7.69 per cent to 30.10 Saudi riyals, while Al-Ahlia Insurance Company rose 3.56 per cent to 16.30 riyals.
Elsewhere in the Gulf, the Qatar Exchange Index ended 0.34 per cent higher at 12,667.33, while the Muscat Securities MSM 30 index ended 0.51 per cent lower at 6,691.27. Kuwait’s Stock Exchange Index ended 0.10 per cent lower at 6,748.72.
