Dubai:
Strength from Emaar shares was offset by weakness in Damac Properties, even as Dubai index closed half a per cent lower on Tuesday.
Damac shares fell more than 9 per cent to close at Dh4.03, while Emaar Properties and Emaar Malls closed 1-2 per cent higher.
“Damac has reached all targets and is due for a correction from here, would short the name by using the Q17 August contract, expect the stock to retest the Dh4,” Hisham Khairy, Head of Institutional Trading at Menacorp said in a morning note.
Emaar Properties closed 1.25 per cent higher at Dh8.11. Emaar Malls closed 1.2 per cent higher at Dh2.54. The Dubai Financial Market General Index closed 0.68 per cent lower at 3,578.14.
“DFM index reached all targets and still believe we should get a breather before we continue our uptrend,” said Khairy.
Arabtec closed 1.4 per cent lower at Dh3.53. HITS Telecom witnessed buying after breaching key technical barrier.
“The stock witnessed a breakout, with next target seen at Dh0.66 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
The Abu Dhabi Securities general index closed 0.08 per cent lower at 4,571.91.
Aldar Properties closed 1.27 per cent higher at Dh2.4. Etisalat closed 0.54 per cent lower at Dh18.25. Rak Properties closed 1.52 per cent higher at Dh0.67.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.29 per cent lower at 7,267.70 weighed down by share of energy and materials firms. The Qatar exchange index closed 0.45 per cent lower at 9,393.73. The Muscat MSM 30 index closed at 5,063.85, down 0.19 per cent.
The Bahrain Bourse all share index closed 0.02 per cent lower at 1,314.94. In the wider Middle East, the Egypt EGX 30 index closed at 11.9592, down 0.97 per cent.
