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UAE indices fall in line with global markets

Though traded volume remained mild

Gulf News

Dubai: UAE indices fell nearly 1 per cent on Sunday in line with overseas markets as traders resorted to mild profit-taking.

The Dubai Financial Market General Index closed 0.93 per cent lower at 3,613.59. Traded value came in at Dh131 million, compared to an average of more than Dh200-250 million last week.

“Global sentiment is being impacted by the North Korea standoff. This has impacted market liquidity, turnover in the Gulf, including the UAE. This is one of the lowest in the last couple of months,” Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz said.

Emaar Properties closed 1.3 per cent lower at Dh8.30 ahead of the results. Union Properties closed 3 per cent lower at Dh0.853. Arabtec closed 2.92 per cent lower at Dh3.33. DXB Entertainment closed 0.2 per cent lower at Dh0.808.

The Abu Dhabi Securities Exchange general index closed 1.1 per cent lower at 4,500.72.

“The market failed to cross over the trendline resistance at 4,608, turning sideways with support seen at 4,530/4,500 levels. Thursday’s close below the 14 Day SMA is hinting at further decline,” said Shiv Prakash, senior analyst at National Bank of Abu Dhabi Securities.

Direction

Taqa traded at its upper limit and closed at Dh0.57. Etisalat closed 1.65 per cent lower at Dh17.85. Abu Dhabi Commercial Bank closed 2.01 per cent lower at Dh7.30. Agthia closed 2.48 per cent lower at Dh5.51.

Going ahead, the global markets will look at more data points for direction.

“We need more clarity on economic recovery, and potential economic benefits. I think markets will start picking up,” Shurrab said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.23 per cent lower at 7,148.21. The Qatar exchange index closed 0.41 per cent lower at 9,205.22. The Muscat MSM 30 index closed 0.43 per cent lower at 4,969.87.

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