Dubai: Abu Dhabi stocks fell nearly one per cent on Thursday amid low volumes, ending the week almost flat, as investors eyed third quarter results for direction.
“It’s been a very day. We have come off from the rally that we saw recently,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
The Abu Dhabi Securities Exchange General Index closed 0.92 per cent lower at 4,546.46, falling from a high of 4,588.55.
“In the medium term, the Abu Dhabi index has shown bullish intentions with the recent break above 4,570. Bullish pressure is expected to continue with a further rally targeting the 4,650 and 4,750 levels,” Menacorp said in a note.
First Gulf Bank ended 2.11 per cent lower at Dh13.95, while Etisalat ended 0.34 per cent higher at Dh14.75.
Aldar Properties closed 0.40 per cent lower at Dh2.50. Abu Dhabi Commercial Bank closed 1.76 per cent lower at Dh7.83. Out of a total of 28 stocks traded on the exchange, shares of 16 companies fell, while the other six rose.
Catalyst
“The earnings would be the catalyst for driving international and local markets,” Khokhar said, adding “we are going to see an impact in the third quarter due to the uncertainty that we saw.”
A few of the Saudi banks have announced mixed results. “There is nothing shocking that is coming out from results,” said Khokhar.
Investors would also eye the impact of falling oil prices on the real estate or other firms.
Oil prices have stabilised above the $50 per barrel mark. The oil price is set for a 7 per cent gain this week, its largest weekly increase since late August, after oil industry executives warned that this year’s fall below $50 would force higher-cost producers to reduce output.
In Dubai, the general index closed a tad lower at 3,706.48. Emaar Properties closed 0.58 per cent higher at Dh6.93, while Damac Properties closed 0.32 per cent higher at Dh3.14.
In the medium term, Emaar has activated a trend reversal signal on the Daily time frame with a successful break above the Dh6.85 level, MENACORP said.
Arabtec closed 1.55 per cent lower at Dh1.90. Amlak Finance closed 0.48 per cent lower at Dh2.06.
Out of a total of 34 stocks traded on the exchange, shares of 22 firms fell, while the other 9 stocks rose.
Saudi Arabia’s Tadawul index closed 1.09 per cent higher at 7,685.27 helped by petrochemical stocks.
Saudi Basic Industries closed 5.22 per cent higher 86.5 Saudi Riyals.
Elsewhere in the Gulf, Qatar Stock Exchange index closed 0.29 per cent lower at 11,754.74. Kuwait Stock Exchange index closed 0,53 per cent lower at 5,708.75.
