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Trump turmoil has little effect on UAE indices

All other regional markets close in negative territory

Gulf News

Dubai: The Trump turmoil that impacted global markets had relatively less impact on UAE equities.

The Dubai Financial Market General Index closed 0.50 per cent lower at 3,378.02. This compares with a nearly 2 per cent fall in the Dow Jones Industrial Average in the US, and a more than 1 per cent fall in the Nikkei index in Japan.

Union Properties closed more than 1.3 per cent lower at Dh0.928, while Emaar Properties fell 0.8 per cent at Dh7.46.

Arabtec fell 1.38 per cent to close at Dh0.715. Damac Properties closed at Dh2.87.

“Damac has been seeing some international inflows after news out the it will be included in the MSCI rebalancing happening on May 31, the stock might see some selling pressure around Dh2.90,” said Ahmad Waheed, Vice President — Institutional Desk at Menacorp.

Dar Al Takaful closed 1.92 per cent higher at Dh1.06.

“Gradual fall from the highs of Dh1.41 took support on the neckline level at Dh1.01, should attract buyers and recover back towards the 21 & 50 Day moving average levels at Dh1.14. A break over may then target Dh1.25 in the near term,” Prakash added.

Corrective bounce

Marka closed less than a per cent lower at Dh0.735.

“Rising volumes hint at accumulation in Marka and it may witness a corrective bounce to hit the first target at Dh1.00 and later target Dh1.13 in the short term,” Prakash added.

Elsewhere in the UAE, the Abu Dhabi Securities Exchange general index closed 0.27 per cent lower at 4,581.30. Etisalat closed 0.28 per cent lower at Dh17.60. National Bank of Abu Dhabi closed 0.44 per cent lower at Dh11.25. Eshraq Properties closed 2.73 per cent at Dh1.07. Agthia Group closed 0.35 per cent lower at Dh5.75.

Elsewhere in the region, Saudi Arabia’s Tadawul index closed at 6,938.10, down 0.13 per cent. The Qatar exchange index closed 0.41 per cent lower at 10,103.35.

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