Dubai: The Dubai index extended gains on Tuesday amid resurgent volumes helped by property majors. Saudi’s Tadawul index, however, ended a tad lower.
The Dubai Financial Market General Index ended 0.68 per cent higher at 4,122.95, after rising as much as 2 per cent earlier in the session. The index had also gained nearly 2 per cent in the previous session.
Union Properties ended 10.69 per cent higher at Dh1.45, while Deyaar Properties also ended 6.71 per cent higher at Dh0.875.
“When people buy property counters that means risk is on, and most of the investors in these counter are short-term traders,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities.
Shares of Dubai Financial Market ended 3.98 per cent higher at Dh2.09 ahead of its board meeting on Sunday to review its first quarter results.
Volumes continued to be on a higher side, with shares worth Dh2.6 billion were traded. The volumes were cornered by DAMAC Properties, which rose as much as Dh3.43, before closing 6.34 per cent lower at Dh3.10.
“Short-term investors are buying DAMAC on hopes of a cash dividend,” Manibhandu said.
Logistics provider Aramex ended 1.10 per cent lower at Dh3.60 after recording a 10 per cent increase in net profit to Dh86.6 million in the first quarter to March.
Out of a total of 34 stocks traded on the exchange, shares of 15 companies rose, while shares of 18 companies fell.
The Abu Dhabi Securities Exchange General Index ended 0.47 per cent higher to be at 4,679.13. Out of a total of 28 stocks traded on the exchange, shares of 10 companies rose, while shares of 14 companies fell.
Meanwhile, Abu Dhabi Commercial Bank recorded a 13 per cent increase in net profits to be at Dh1.249 billion.
“The stock market performance would be driven by results, and results from banks have been good so far,” Manibhandu said.
Emirates NBD, Du along with Dubai Financial Market are expected to publish their results till next week.
Saudi’s Tadawul index extended losses after Mobily recorded a loss for the first quarter to March.
Saudi’s Tadawul All Share TASI index ended 0.32 per cent lower at 9,558.89. Shares of Mobily or Etihad Etisalat ended 7.29 per cent lower at 37.90 Saudi Riyals.
“Saudi would be testing resistance levels. They would be encouraged by the good results that the market has seen so far,” Manibhandu said.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.52 per cent higher at 11,977.35, while Muscat Securities MSM 30 index ended 0.07 per cent higher at 6,329.93.
Kuwait Stock Exchange index ended 0.71 per cent lower at 6,308.56. Bahrain Bourse All Share Index ended 0.18 per cent higher at 1,395.24.
