Dubai: Gulf Finance House struck a new 52-week high, as other small stocks such as Shuaa, and Eshraq surged in the UAE markets on Sunday. The wider index closed marginally lower.
Gulf Finance House hit a 52-week high of Dh2.96 before closing 1.04 per cent higher at Dh2.91. Shuaa closed 6.71 per cent lower at Dh1.75. Eshraq Properties in Abu Dhabi closed 9.52 per cent higher at Dh1.15. Insurance stocks also witnessed buying.
Salama Insurance 1.35 per cent higher at Dh0.58, Aman closed 2.69 per cent higher at Dh0.992. Damac Properties closed 1.41 per cent higher at Dh2.88. Most of the other index heavy weights shares stayed steady.
“The global environment has not changed much, so most of the stocks were steady. High dividend paying stocks saw some traction,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
The Dubai Financial Market General Index closed 0.13 per cent lower at 3,645.85. The Abu Dhabi Securities Exchange General Index closed 0.48 per cent lower at 4,620.81.
In other stocks in the capital, National Bank of Abu Dhabi closed 0.95 per cent higher at Dh10.60. Union National Bank closed 1.11 per cent higher at Dh4.55. Sharjah Islamic Bank closed 0.66 per cent higher at Dh1.52.
Out of a total of more than 30 stocks, shares of 8 rose, while other 12 fell, the rest remained steady.
“The outlook is positive. I don’t see a reason that should get us down,” said Khokhar.
On the back of positive movement in oil prices, along with expected dividend payouts by companies, the UAE indices have witnessed gains so far in the year. The Dubai index has gained nearly 4 per cent so far in the year.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.08 per cent higher at 7,137.30. The Qatar exchange index closed 0.90 per cent higher at 10,916.99. The Muscat MSM 30 index closed 0.26 per cent higher at 5,858.41.
