Traded value tumbles as Dubai index sticks to range

UAE indices in tight range ahead of major global events

Gulf News

Dubai:

Traded value on Dubai bourse tumbled 31 per cent on Wednesday as traders went silent looking at global events scheduled later in the week.

About Dh441 million worth of shares were traded on the Dubai Financial Market, down from Dh600 million registered on Tuesday, data from the Dubai Financial Market showed.

“Local traders are on the sidelines and are monitoring the overseas markets ahead of Fed meeting to benefit from any kind of volatility post the event,” said Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz.

“Most of the volumes in the past couple of days were done through certain stocks,” Shurrab said.

Investors will be looking at the pace of interest rate hike from the United States, along with the elections in the Netherlands and also the finance ministers meeting of G20 nations on Friday.

The Dubai Financial Market on Wednesday closed 0.29 per cent higher at 3,478.81. In stock specific movements, Gulf Finance House closed more than 1 per cent lower at Dh2.70. Du closed up 0.55 per cent higher at Dh6.06. Emaar Properties closed 0.5 per cent higher at Dh7.29. Arabtec closed more than 1 per cent higher at Dh0.869. Dubai Financial Market closed 0.78 per cent lower at Dh1.28. Out of a total of 32 stocks traded on the exchange, shares of 13 firms each rose and fell. The Abu Dhabi Securities Exchange General Index closed 0.29 per cent lower at 4,375.35.

First Gulf Bank closed 0.82 per cent higher at Dh12.35. Abu Dhabi Commercial Bank closed 3.58 per cent lower at Dh7.01. Etisalat closed 0.57 per cent lower at Dh17.55. Union National Bank closed 0.71 per cent higher at Dh4.23.

Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.66 per cent higher at 6,835.76. The parallel market closed 0.22 per cent higher at 5,393.22. The Qatar exchange index closed 0.22 per cent lower at 10,291.86.

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