Dubai: The Dubai bourse witnessed a quiet day on Sunday with traded value falling by a half compared to Thursday’s session.
The Dubai Financial Market General Index closed 0.13 per cent lower at 3,464.14. Traded value fell to Dh169 million compared to Dh326 million on Thursday.
Amanat closed 0.67 per cent higher at Dh 1.51. Gulf Finance House closed 2 per cent lower at Dh1.47. Union Properties closed 1.5 per cent lower at Dh0.983.
Drake and Scull closed flat at Dh2.18. Dubai Islamic Bank closed steady at Dh6.49.
The Abu Dhabi Securities exchange general index closed 0.25 per cent lower at 4,631.86.
The Tadawul index in Saudi Arabia closed at 7,527.58, up 0.08 per cent.
Saudi Basic Industries shares closed 2.82 per cent lower at 105.80 Saudi Riyals. “The big miss has been Sabic. I think markets taking that too well. It will more about earnings and results,” Khokhar said.
Kingdom Holdings closed 9.97 per cent higher at 10.04 riyals. Dar Al Arkan closed 9 per cent higher at 10.34 riyals.
Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.33 per cent lower at 4,991.38. The Qatar exchange index closed at 9,411.53, down 0.51 per cent.
The Kuwait share index closed 0.34 per cent lower at 6,629.11.
Global backdrop
The Dubai index started the new year on a strong note, and has managed to gain 2.79 per cent so far in the year.
“We are seeing good global backdrop, and oil prices above $70 [per barrel] which should give is fundamental support. We are in for a reasonably strong period,” said Saleem Khokhar, head of equities at First Abu Dhabi Bank asset management.
Oil prices, from which the majority of the Gulf countries derive their revenues from, hit their highest level since 2014 last week to trade above $71 per barrel.
