Dubai
UAE bourses remained sluggish on Tuesday even as a few stocks witnessed select buying due to specific fundamentals.
The Dubai Financial Market General Index closed 0.84 per cent lower at 3,270.34. Traded value was at Dh233 million.
“Trading volumes remained modest on UAE financial market on new catalysts, especially after Al Waha Capital proposed lower than expected dividend,” Menacorp said in a note.
The top six traded stocks in Dubai fell almost 1 per cent or a few fils with Gulf Finance House ending in positive zone, closing 1.59 per cent higher at Dh1.28.
“GFH is sitting at key support, similar to that of the index which could mean a rebound for the stock if DFMGI shoots back up to 3,300,” the Menacorp note added.
Al Salam Bank closed more than 4 per cent at Dh1.25.
Emaar Properties closed 1 per cent lower at Dh6.03. DP World closed 1.5 per cent lower at Dh25.10. Dubai Investments closed 0.9 per cent lower at Dh2.20.
The Abu Dhabi Securities Exchange general index closed 0.04 per cent lower at 4,577.79.
Aldar Properties witnessed buying at lower levels. Aldar shares closed 1.88 per cent higher at Dh2.17. Eshraq Properties closed 1.39 per cent higher at Dh0.73.
Abu Dhabi Eneregy (Taqa) saw renewed buying. The stock has been on an upmove ever since the company posted better than expected results. Taqa has gained 38 per cent so far in the year. Taqa closed 13 per cent higher to Dh0.76.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.29 per cent lower at 7,506.09. The Muscat MSM 30 index closed 0.14 per cent lower at 5,000.48.
The Qatar exchange index closed 0.09 per cent lower at 9,098.64. The Bahrain all share index closed 0.87 per cent higher at 1,344.57. The Kuwait index closed 0.35 per cent lower at 6,680.52.
