Dubai stocks lead regional losses as results continue to weigh

Dubai: UAE indices fell on Tuesday, extending losses for another session, as traders continued to book profit ahead of the summer season.

The Dubai Financial Market General Index fell 1.81 per cent to end at 3,324. The Abu Dhabi Securities Exchange general index closed 1.96 per cent lower at 4,382.11.

“We have been getting bad results, and traders are booking profit ahead of the Ramadan period. We have investors who are more inclined to exit the market,” Sebastien Henin, head of asset management at The National Investor told Gulf News. Shares worth more than Dh500 million was traded on the exchange.

In stock specific movement, Emaar Properties ended more than 2 per cent lower at Dh6.35, while Arabtec also fell more than 4.5 per cent to end at Dh1.46.

“Emaar Properties broke the trailing stop at Dh6.58, trading sideways down headed lower towards the neckline support at Dh6.32. Traders may look to buy the dips while placing Dh6.20 as the stop loss,” National Bank of Abu Dhabi Securities said in an emailed note to clients.

Gulf Finance House ended 2 per cent lower at Dh0.880. Dubai Investments ended more than 4 per cent lower at Dh1.97. Out of a total of 33 stocks traded on the exchange, shares of 24 firms fell, while other 6 rose.

In Abu Dhabi, Aldar Properties closed more than 2 per cent lower at Dh2.55, while Abu Dhabi Commercial Bank ended 4 per cent lower at Dh5.98. Out of a total of 28 stocks, shares of 17 firms fell, while other 4 rose.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed lower despite the announcement of reforms by the regulator.

The stock index closed 1.17 per cent lower at 6,638.15. Qatar Exchange index closed 1.52 per cent lower at 9,939.03. Muscat Securities MSM 30 index was up 0.54 per cent higher at 5,983.99. In Kuwait, the stock gauge ended 0.05 per cent higher at 5,375.36.