Dubai:
Banking stocks were in favour on UAE bourses ahead of their first quarter results.
Dubai index rose, extending gains for another session. The Dubai Financial Market General Index closed 0.25 per cent higher to 3,089.80. The index had snapped a six-day losing streak on Monday.
“The Dubai Financial Market’s road to recovery has been bumpy and somewhat non-existent as its bluechips keep pressuring it towards the red zone. Despite Emaar Properties and DIB’s rebound yesterday, profit-booking is still being considered by investors at every chance which will again drive the index downwards,” Menacorp said in a note.
Emaar Properties closed 1.25 per cent higher to Dh5.66. Dubai Islamic Bank closed 2.43 per cent higher to Dh5.48.
Air Arabia closed at Dh1.21. Emirates NBD closed 0.49 per cent lower to Dh10.25. Emaar Development closed 2.01 per cent lower to Dh5.37.
“The only clear players at the moment are Emaar Development and Air Arabia which have been moving in the right direction on strong fundamentals,” the Menacorp note added.
“Emaar Development has yet to announce news on its dividend distribution which is why the stock has been lagging for sometime following its mother company’s dramatic drop; however it could see some light soon,” the note said.
The Abu Dhabi Securities Exchange general index closed 1 per cent higher to 4,711.84.
First Abu Dhabi Bank closed 0.25 per cent higher to Dh12.65. Abu Dhabi Commercial Bank closed 0.25 per cent higher to Dh6.93. Taqa closed almost flat at Dh0.98.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.31 per cent lower to 7,950.52. The Qatar exchange index closed 0.79 per cent higher, breaching the keenly-watched 9,000 mark. The index ended the day at 9,007.23.
The Kuwait Stock Exchange index closed at 6,633.44, up 0.45 per cent.
The Bahrain all share index closed 0.04 per cent higher to 1,287.96.
