Dubai
Price adjustment in Dubai Islamic Bank, which went ex-dividend on Thursday, weighed on the Dubai index.
Dubai Islamic Bank, which was one of the most actively traded stock on the bourse, closed 0.25 per cent lower at Dh5.59. The Dubai Financial Market General Index closed 1.02 per cent lower at 3,583.66.
“Dubai index went down as a few stocks went ex-dividend and we expected that,” said Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities.
Gulf Finance House, which opened down, recovered to the previous high. Gulf Finance House recovered from a low of Dh2.53, before closing more than 2 per cent lower at Dh2.59. GFH rose to a high of Dh2.7 intra-day.
Fresh buying emerged in Air Arabia. The airline closed 3.28 per cent higher at Dh1.26. Arabtec closed at Dh0.90, down 0.33 per cent.
“The disclosure from Arabtec was not very much, so the stock fell along with other mid-cap or small stocks,” Manibhandu said.
The Abu Dhabi Securities Exchange general index closed 0.59 per cent higher at 4,596.39. “Abu Dhabi went down because people bought back banks,” Manibhandu said.
Abu Dhabi Commercial Bank closed 4.14 per cent higher at Dh7.29. Abu Dhabi Islamic Bank closed 2.06 per cent higher at Dh3.96.
National Bank of Abu Dhabi closed 0.47 per cent higher at Dh10.70.
The next big trigger would be the outcome of the meeting of Federal Reserve scheduled in mid-March.
“When FOMC [Federal Open Markets Committee] meets, we will have to see what would be the trajectory, and see what they have to say about rates for the rest of the year,” Manibhandu said.
Federal Reserve vice-chairman, William Dudley, has said it’s “a lot more compelling” since the November election given rising confidence and expectations for fiscal stimulus.
Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.72 per cent higher at 7,016.66. The parallel market index or Nomu closed less than a per cent lower at 5,994.34. The Qatar exchange index closed 0.29 per cent lower at 10,721.15.
