Dubai:
Dubai index on Monday failed to breach a key barrier despite trying for the past three sessions, as traders resorted to early profit-taking after having brought at lower levels recently.
The Dubai Financial Market General Index closed 0.52 per cent lower at 3,536.51, after failing to breach the 50-day moving average of 3,572.
In stock specific action, Du shares rose 0.50 per cent to end at Dh5.98, and was the actively traded stock.
HITS Telecom restarted trading for a second time after a gap of six trading sessions. The bourse had suspended trading in the stock pending results.
HITS Telecom closed 3.14 per cent higher at Dh0.722, outperforming the Dubai index. Traded value in HITS Telecom was 23 per cent of the total of Dh251 million.
Among the losers, Gulf Finance House closed 0.49 per cent lower at Dh2.49. Emaar Properties closed 0.53 per cent lower at Dh7.45.
Dubai Islamic Bank closed more than 1 per cent lower at Dh5.75. Arabtec closed less than a per cent lower at Dh0.929. Out of a total of 35 stocks, shares of 19 firms fell, while other 12 firms rose. The rest of them remained steady.
Over a short-term, Al Mal Capital favours select stocks in Dubai.
“We like the first quarter economic activity in the UAE and believe that stocks like DP World and Aramex should be direct beneficiaries,” said Marwan Haddad, lead portfolio manager at Al Mal Capital.
“In addition, Emaar should also benefit from increased tourism and realty activity with the launches they did,” Haddad said. Insurance and health care stocks would be watched due to mandatory health insurance, he added.
The Abu Dhabi Securities Exchange general index closed 0.43 per cent lower at 4,571.67.
“Bullish scenarios are expected to remain on hold at current times and traders should refrain from accumulating any new long term positions,” Menacorp said in a technical note.
National Bank of Abu Dhabi Bank closed 0.90 per cent lower at Dh10.95. Etisalat closed 0.55 per cent lower at Dh18.10. RAK Bank closed 2.08 per cent lower at Dh4.70.
“The share is consolidating losses after the recent break of the 2.25; the short term outlook remains bearish, and the level of Dh2.21 hurdle is eyed as an immediate support,” Menacorp added in the note.
Abu Dhabi Islamic Bank closed 1.53 per cent lower at Dh1.53. Abu Dhabi Commercial Bank closed 1.17 per cent higher at Dh6.90.
Elsewhere in the Gulf, the Tadawul index closed 0.05 per cent higher at 7.062.17. The Qatar exchange index closed 0.24 per cent lower at 10,485.04.
