Dubai
Shares of Emaar Properties and Dubai Islamic Bank weighed on Dubai index on Tuesday, even as the Saudi Tadawul index stayed flat.
The Dubai Financial Market General Index closed 0.61 per cent lower at 3,286.48.
Emaar Properties closed 0.63 per cent lower at Dh6.32, while Dubai Islamic Bank closed 0.65 per cent lower at Dh6.11.
“DIB is expected to weigh on the index, however, for the upcoming week as its management is still working on the capital increase and make it more attractive,” UAE-based Menacorp said in a note.
In other stocks, Gulf Finance House closed more than 2 per cent lower at Dh1.42, after rising in the past two sessions. “Trading volume have picked up on the DFM as GFH’s board structure takes more approval from investors especially after having a new chairman mention plan regarding further M&A deals and a better direction for the company,” the Menacorp note said.
DP World closed 1 per cent higher at $24.45. Emaar Development closed nearly 1 per cent higher at Dh5.35. Ithmaar closed 9 per cent lower at Dh0.448.
“If trading picks up during this dividend season, investors are advised to watch DFM shares as it is also making a move upwards. The stock has been under pressure as a result of low trading volumes but should regain revenue potential as volumes pick up and the company also approaches dividend distribution period,” the note added.
The Abu Dhabi Securities Exchange general index closed 0.13 per cent higher at 4,599.22.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed flat at 7,472.18.
The Nomu index closed at 3,050.44, up 0.31 per cent. The Qatar exchange index closed 0.70 per cent lower at 8,929.50.
The Muscat MSM 30 index closed 0.16 per cent higher at 4,993.16.
The Bahrain all share index closed 0.36 per cent lower at 1,365.81.
