Dubai: The Dubai index extended losses for a fifth day on Wednesday to revisit the lowest level in more than a month. The Abu Dhabi index also fell.
The Dubai Financial Market General Index ended at 3,747.38, down 0.27 per cent, after falling nearly 3 per cent in the past four sessions. The index fell to a low of 3,740.91, a level last seen in late January.
“We have seen have some profit-taking after it tried to breach 4,000 resistance level,” said Sebastien Henin, head of asset management at The National Investor.
Emaar Properties, which was the second most active stock in trade, ended 1.34 per cent lower at Dh7.35. Damac Properties ended 5.40 per cent lower at Dh2.63. Arabtec extended losses to end at Dh2.93, down 0.68 per cent after its housing project in Egypt was put on hold by the government.
Dubai Parks and Resorts extended gains to end at Dh0.821, up 11.25 per cent after the company said it will be signing off on project contracts totalling a substantial Dh7.5 billion this year to add to the approximately Dh5 billion it signed in 2014. Duabi Parks was the top most gainer during the day’s trade.
“The only movement on the DFM was Dubai Parks after it announced a huge capex plans,” said Henin.
Aramex jumped more than 4 per cent to end at Dh3.25, after it declared a dividend of 14 per cent or Dh0.14 per share for 2014.
The Abu Dhabi Securities Exchange General Index ended 0.13 per cent lower at 4,672.60. First Gulf Bank ended 0.56 per cent lower at Dh17.90. Union National Bank ended 1.34 per cent higher at Dh6.04.
Sharjah Islamic Bank ended 4.21 per cent lower to end at Dh1.82.
International Fish Farming Holding ended 9.94 per cent lower at Dh6.07. Gulf Cement Co ended 9.32 per cent lower at Dh1.07.
Sideways
“Markets would continue to trade sideways in coming sessions,” said Henin, adding “some positive movement in oil market or surprises in company results could dictate the direction of the market.”
US crude held on to overnight gains to stay above $50 a barrel on Wednesday, supported by geopolitical tensions in the Middle East and a rise in Saudi oil prices.
Saudi’s Tadawul All Share Index (Tasi) was 0.11 per cent lower at 9,476.88.
Saudi Basic Industries Corp was 0.23 per cent higher at 93.25 Saudi riyals.
Elsewhere, Qatar Exchange Index ended 1.32 per cent lower at 12,130.25.Muscat Securities MSM 30 Index ended 0.35 per cent lower at 6,543.90.
Bahrain Bourse All Share Index ended 0.37 per cent lower at 1,464.15. Kuwait Stock Exchange Index ended 0.07 per cent higher at 6,562.50.
