Dubai:
Dubai index edged lower on Monday weighed by weak crude oil, while Abu Dhabi index closed higher, recovering from its early low. Saudi’s Tadawul index closed sharply lower.
The Dubai Financial Market General Index closed 0.73 per cent lower at 3,662.56, while the Abu Dhabi Securities Exchange General Index closed 0.91 per cent higher at 4,493.93.
“Abu Dhabi recovered because of buying in banks along with Aldar Properties, but in case of Dubai as Emirates NBD fell, which made the big difference,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities.
Damac Properties closed 2.08 per cent higher at Dh3.43, while Emaar Properties closed 0.75 per cent higher at Dh6.75. Amlak Finance closed 2.75 per cent lower at Dh2.12. Arabtec closed 1.50 per cent lower at Dh1.97.
“Damac Properties may recover and hit a new high of Dh3.63, while Emaar Properties may hit a new low of Dh6.33 this week,” Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Arabtec may hit a new low to support level Dh1.57 by next week, said Al Ashri.
Out of a total of 34 stocks traded, stocks of 24 firms fell, while shares of 8 firms rose.
Saudi’s Tadawul index closed 2.18 per cent lower at 7,522.47.
“I have negative outlook, and I expect a new low to be at support level of 7,355,” said Al Ashri.
Saudi Basic Industries closed at 80.75 Saudi Riyals, down 2.45 per cent, while Alinma closed at 18.85 Saudi Riyalsm, down 1.21 per cent.
Pickup:
“Crude going down has impacted Dubai less than Saudi Arabia,” Manibhandu said, adding “we will see a pickup in indices in the second half of the month as people look to third quarter results from October.”
But currently, Dubai index may hit new of 3,547 later this week, said Al Ashri.
Abu Dhabi index may hit a new low of 4,344 by this week, said Al Ashri, adding First Gulf Bank is waiting for a new high in short-term and may hit a resistance level of Dh14.71.
Aldar Properties may hit a new high of Dh2.44 during week, said Al Ashri.
Abu Dhabi index closed 0.91 per cent higher at 4,493.93.
First Gulf Bank closed
Aldar Properties closed almost steady at Dh2.33, while First Gulf Bank closed 0.45 per cent higher at Dh14.35.
Elsewhere in the Gulf, Qatar Exchange Index closed 1.98 per cent higher at 11,563.56, while Muscat Securities Exchange index closed 0.56 per cent lower at 5,871.60.Kuwait Stock Exchange index closed 1.42 per cent lower at 5,820.56.
