Dubai: Gulf Finance House, which was the best performer in 2016, continued to witness long unwinding of positions as traders prepared themselves for the second quarter.
Gulf Finance House extended losses for another session, closing more than 4 per cent lower at Dh2.37. The share contributed to 30 per cent of the total traded value on Wednesday.
“Higher volumes with a fall in price hints at long unwinding. GFH may see levels of Dh2.25 in the short-term,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.
Emaar Properties closed 0.28 per cent higher at Dh7.22. Dubai Islamic Bank closed 0.50 per cent lower at Dh5.50. DXB Entertainments closed 0.50 per cent higher at Dh0.999. The Dubai Financial Market General index closed 0.01 per cent higher at 3,447.44.
“Bearish confirmation of the pattern will not come until the support line at 3,200 is broken. Traders may look to sell and buy it back on the lower support levels,” Prakash said.
Out of a total of 37 stocks traded on the exchange, shares of 17 firms fell, while other 12 rose. The rest remained steady.
FGB shares winding down
The Abu Dhabi Securities Exchange General Index closed 0.76 per cent lower at 4,435.85.
FGB shares will trade for a last day on Thursday before getting de-listed. Each FGB shareholder will receive 1.254 shares of NBAD from April 2.
National Bank of Fujairah closed 7.98 per cent lower at Dh3, while Aldar Properties closed 6.22 per cent lower at Dh2.26. Abu Dhabi Commercial Bank closed 1.02 per cent lower at Dh6.78. National Bank of Abu Dhabi closed 0.48 per cent lower at Dh10.45.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 1.05 per cent higher at 6,944.82, leading gains in the region as rebounding oil prices triggered buying.
The parallel market index or Nomu closed 0.33 per cent higher at 5,120.98.
The Qatar exchange index closed 0.43 per cent lower at 10,416.83. The Muscat MSM 30 index closed 0.19 per cent higher at 5,553.52.
