Dubai: Dubai bourse witnessed a listless session on Thursday in a low volume trade even as Emaar Properties extended gains.
The Dubai Financial Market General Index closed at 3,286.54, up 0.03 per cent. Total traded value was at Dh287 million.
Emaar Properties continued to gain for another session. Other stocks remained sideways. Gulf Navigation closed up 3.74 per cent to Dh1.11. “Concerns as to why Gulf Navigation subscription period had been extended could drive the stock down as speculation on whether there weren’t enough subscribers is a major worry for investors as it would turn the company’s plans to raise capital into a flop,” Menacorp said in a morning note.
Damac Properties closed 0.93 per cent higher at Dh3.25.
“After Damac reached the key support area of Dh3.22, it could rebound and target Dh3.40 in the short-term,” a Menacorp analyst said.
Gulf Finance House fell less than a per cent to Dh1.30. Dubai Investments closed 1.34 per cent lower at Dh2.21. Dubai Islamic Bank closed flat at Dh6.10. The Abu Dhabi Securities Exchange general index closed 0.09 per cent lower at 4,579.60.
“On ADX, trading is slow and the players are still trading in First Abu Dhabi Bank, Taqa and Waha Capital. Following Waha’s disappointing dividend proposal, the stock managed to recover some of its lost gains, Taqa is still going up but could be overbought at this level and some profit-taking could be seen soon,” Menacorp’s note said.
Etisalat closed 0.87 per cent higher at Dh17.4. Union National Bank closed 2.36 per cent higher at Dh3.91. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.26 per cent higher at 7,525.22. The Nomu index closed 1.53 per cent lower at 3,047.77.
The Muscat MSM 30 index closed 0.31 per cent lower at 4,972.01 while The Qatar exchange index closed 0.25 per cent lower at 9,096.36.
