Dubai
Dubai Islamic Bank (DIB) shares continued its fall on Wednesday after the bank announced its intention to do a rights issue next month.
DIB closed 2.09 per cent lower at Dh6.10. Another heavyweight Emaar Properties closed 1.64 per cent lower at Dh6.58. The fall in these two heavyweights weighed on the Dubai index, which fell more than 1 per cent and breached its key technical indicator or commonly known as 50-day moving average of 3,434. The index closed at 3,394.36, down 1.32 per cent.
In other stocks, Ithmaar closed 9.95 per cent lower at Dh0.787. Gulf Finance House closed 0.68 per cent lower at Dh1.46. DP World closed 1.81 per cent lower at $26.51. Deyaar Properties closed at 2.17 per cent lower at Dh0.587. “Deyaar’s next stop would be the Dh0.61 which is very close and then the Dh0.635,” said Hisham Khairy, head of institutional trading at Menacorp.
Marka closed 2.62 per cent lower at Dh0.594. “The trend in Marka indicates a break will take place soon, next resistance is around the Dh0.657,” Khairy said.
Emirates NBD closed flat at Dh9. “The stock is currently trading at the Dh9 resistance if broken could target the Dh10 with a minor resistance at the Dh9.20,” Khairy said.
The Abu Dhabi Securities Exchange general index closed 0.49 per cent lower at 4,616.05.
Waha Capital closed 3.72 per cent lower at Dh2.07. “Waha again printed high volume and closed at high, current support lies at Dh2.04 and resistance at Dh2.16, a break of the Dh2.16 will take it to the Dh2.26,” Khairy said.
Union National Bank and RAK Bank closed more than a per cent higher. Abu Dhabi Energy closed more than a per cent lower.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.25 per cent higher at 7,650.12. The Nomu index on the second market closed at 3,005.08, down 1.59 per cent. Saudi Basic Industries closed at 107.60 Saudi Riyals, up 0.84 per cent.
The Muscat MSM 30 index closed 0.15 per cent lower at 4,999.96. The Qatar exchange index closed 1.33 per cent lower at 9,204.62. The Kuwait index closed 0.36 per cent higher at 6,687.81. The Bahrain bourse all share index closed 0.12 per cent lower at 1,350.67.
