Dubai: Dubai index failed to attract buying from lower levels despite a recovery in Saudi Arabia’s Tadawul index. Emaar Properties was the worst hit in trade.
The Dubai Financial Market General Index closed 1.01 per cent at 3,585.52, even as the Tadawul index recovered nearly 85 per cent from its low of 6,801 till 2pm, and finally closed at 6,978.73, up 0.32 per cent.
Broad-based selling was witnessed in stocks. Emaar Properties hit a low of Dh8.10, the lowest level since July 31. Emaar Properties closed 1.44 per cent lower at Dh8.19.
“I would be a buyer on any weakness in Emaar Properties. We believe that there will be unlocking of value through the IPO of Emaar Development for the parent company, underscored by the fact that they have already received a dividend of Dh3.9 billion from Emaar Development,” said Ankit Gupta, vice president at Shuaa Capital.
Arabtec closed 2.37 per cent lower at Dh2.88. Drake and Scull closed 4.52 per cent lower at Dh1.90. Dubai Financial Market closed at Dh1.14, down 2.56. Dubai Islamic Bank closed 0.49 per cent lower at Dh6.05. Gulf Finance House closed at Dh1.56, down more than 4 per cent.
Abu Dhabi
The Abu Dhabi Securities Exchange general index closed 0.32 per cent lower at 4,450.66.
“A break below 4,443 level on Abu Dhabi index shall test the next lower target at 4,400 in the coming weeks. Traders who sold near 4,500 level may look to buy selectively on dips,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities. Abu Dhabi Commercial Bank closed 1.35 per cent lower at Dh7.30. Etisalat closed 0.28 per cent lower at Dh17.75, while Aldar Properties closed 1.71 per cent lower to Dh2.30.
Elsewhere in the Gulf, the Qatar exchange index closed 0.24 per cent lower at 8,126.29. The Muscat MSM 30 index closed 0.51 per cent lower at 5,055.65.
