Dubai:
Dubai index edged lower after gaining more than 1 per cent in the previous session on slight profit-taking led by Arabtec and Emaar Properties.
The Dubai Financial Market General Index ended 0.79 per cent lower at 3,775.38, after gaining more than 1.3 per cent in the previous session.
“There was some profit-taking as we have had strong sentiment over the last couple of week or so,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
Dubai Investments ended 2.83 per cent lower at Dh2.75, while Gulf Finance House ended 7.72 per cent lower at Dh0.227 after the bank said it is reviewing the listing on the London Stock Exchange, and Kuwait Stock Exchange. The bank also approved its capital reduction plan to $598 million from $1.49 billion to eliminate accumulated losses.
Emaar Properties ended 0.96 per cent lower at Dh7.23, while Arabtec ended 2.23 per cent lower at Dh2.63.
Out of a total of 32 stocks traded on the exchange, shares of 21 companies fell, while shares of 7 companies rose. Volumes were placed at Dh532 million on Monday as against to a low of Dh300 or less in the first quarter.
Abu Dhabi Securities Exchange General Index ended 0.63 per cent higher at 4,589.29. Out of a total of 25 stocks traded on the exchange, shares of 11 companies rose, while shares of 8 other companies fell.
Focus:
“The focus would be on first quarter earnings along with crude oil prices, and that would drive the markets in the short-term,” Khokhar said.
“The political situation seems to have taken a back seat but it would come again to the forefront,” he said.
Saudi’s Tadawul All share TASI index ended 0.89 per cent higher at 9,041.12 helped by positive sentiment in crude oil.
Brent rose towards $59 a barrel in a volatile market, continuing gains after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in US drilling.
“The draft regulations would be taken very positively. Results so far have been good, but investors would be watching the petrochemical space,” Khokhar said.
Saudi Basic Industries ended 2.93 per cent lower at 85 Saudi Riyals after it went ex-dividend.
Petrochemical firm PetroRabigh surged 4.8 per cent after announcing it would ask shareholders to approve raising its capital via a rights issue.
Elsewhere in the Gulf, Qatar Exchange Index ended 1.36 per cent lower at 11,819.65, while Muscat Securities MSM 30 index ended 0.02 per cent higher at 6,266.52.
Kuwait Stock Exchange ended 0.19 per cent lower at 6,273.46, while Bahrain Bourse All Share Index ended 0.02 per cent higher at 1,440.88.
