Dubai:
Gulf Finance House closed at its lower limit despite record 400 per cent increase in net profit, while weakness in Damac Properties and Emaar weighed on wider market sentiment.
“There could be some activity on GFH for their results and the potential of a decent dividend distribution but highly doubt if it will be able to buck the general trend,” said Ahmad Waheed, Vice-President — Institutional Desk at Menacorp before the markets opened.
GFH shares closed 9.95 per cent lower at Dh1.81. The Dubai Financial Market General Index closed 9.95 per cent lower at Dh1.81.
“Overall the index closed bearish below the trailing stop level of 3,615. The next support is seen at the neckline and the trendline level at 3,574/3,500.” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Damac Properties closed 2 per cent lower at Dh3.84. Emaar Properties closed 0.80 per cent lower at Dh8.25.
Traders will eye the reaction to Emaar Properties after posting 14 per cent rise in second quarter net profit.
Arabtec closed at Dh3.24, down 2.70 per cent.
“The stock broke below the 50 day SMA. Arabtec may extend the drop straight towards the next support zone at Dh3.10,” said Prakash.
The Abu Dhabi Securities Exchange general index closed 0.45 per cent lower at 4,480.58.
“The market failed to hold higher, and tested the support at 4500 yesterday. Break below may extend the fall and hit the 4,460/4,420 levels in the near term,” said Prakash.
Abu Dhabi Ship Building closed 6.38 per cent lower at Dh2.2. Eshraq Properties closed 10 per cent lower at Dh0.81. Waha Capital closed 2.2 per cent lower at Dh1.78.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.3 per cent lower at 7,125.47. The Qatar exchange index closed 0.13 per cent lower at 9,191.73.
