Dubai: The Dubai index recovered partially from its lowest level in nearly six weeks, consolidating near 3,900 levels on Monday even as volumes remained low. The Abu Dhabi index also posted a gain of around half a per cent.
The Dubai Financial Market General Index ended 0.47 per cent higher at 3,941.78 after losing more than 2 per cent in the previous session.
“The markets should consolidate near 4,000 levels and may continue to trade in the narrow range,” Sebastien Henin, head of asset management at The National Investor. “I’m not expecting big movements or volatility to come back.”
Dubai Investment ended 2.17 per cent higher at Dh2.83, and Damac Properties ended 1.11 per cent higher at Dh0.728. Gulf Finance House ended 1.11 per cent higher at Dh0.728.
Out of a total of 36 companies traded on the exchange, shares of 26 companies rose, while shares of 5 companies rose.
“We are in a holiday mode and there no real catalysts,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
The Abu Dhabi Securities Exchange general index ended 0.74 per cent higher at 4,561.36.
First Gulf Bank ended 2.02 per cent higher at Dh15.15, while National Bank of Abu Dhabi ended 0.47 per cent higher at Dh10.70.
Aldar Properties ended 1.54 per cent higher at Dh2.63.
Out of a total of 28 companies traded on the exchange, shares of 12 companies rose, while shares of another 7 companies fell.
SAUDI INDEX ENDS FLAT:
Saudi Arabia’s Tadawul index slipped on negative cues from crude oil, but recovered later to end flat.
Crude oil prices dropped on Monday as the dollar rose and amid expectations that Opec production would remain high, stoking worries of oversupply despite declining US rig operations.
Saudi’s Tadawul All Share Tasi index ended 0.05 per cent higher at
9,693.58.
Alinma ended 0.21 per cent lower at 24.10 Saudi riyals, while Saudi Basic Industries ended 0.45 per cent higher at 103.50 riyals.
Malath Cooperative Insurance and Reinsurance Co ended 6.07 per cent higher at 34.80 riyals.
The Qatar index extended gains for another session after heavy losses in the previous week.
The Qatar Exchange index ended 1.06 per cent higher at 12,176.49.
Elsewhere in the Gulf, Muscat Securities MSM 30 index ended 0.36 per cent higher at 6,411.15. The Kuwait Stock Exchange index ended 0.12 per cent lower at 6,285.14.
The Bahrain Bourse All Share index ended 0.24 per cent lower at 1,360.42.
Egypt’s bourse ended 0.43 per cent lower at 8,745.04.
