Dubai:
Traded value on Dubai bourse fell 67 per cent on Monday as most of the stocks traded sideways.
About shares worth Dh226 million were traded on the Dubai Financial Market, compared to last week’s average of Dh687 million.
The Dubai Financial Market General Index closed 0.45 per cent lower at 3,477.49.
“The market is holding over the support zone at 3,467, the index will have to clear 14-day moving averages of 3,520, and if this barrier remains strong, then any recovery seen may fade off and attract renewed selling pressure,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
The top five actively traded stock moved in very narrow range. The actively traded stock, Emaar Properties closed 0.14 per cent higher at Dh7.30. DP World closed 0.51 per cent higher at $21.61. Gulf Finance House closed 0.37 per cent lower at Dh2.68. Dubai Islamic Bank closed less than a per cent lower at Dh5.53.
Emaar Malls closed more than 1.5 per cent lower at Dh2.69. Dubai Entertainments closed 0.98 per cent lower at Dh1.01.
“Traders may look to remain on the selling side and only a breach over the 50-day moving average, the trend will turn bullish,” Prakash said.
Union Properties (UPP) closed 2.56 per cent lower at Dh0.951.
UPP may hit the previous low at Dh0.92 in the near term. The Abu Dhabi Securities Exchange general index closed 0.87 per cent higher at 4,457.75. Aldar Properties closed 3 per cent higher at Dh2.40. First Gulf Bank closed 1.59 per cent higher at Dh12.8.
Elsewhere in the region, Saudi Arabia’s Tadawul index was 0.48 per cent lower at 6,919.25. The parallel market index or Nomu closed 0.29 per cent higher at 5,374.82. The Qatar exchange index closed 0.66 per cent higher at 10,406.79.
The Muscat Securities MSM 30 index closed 0.57 per cent lower at 10,406.79.
