Dubai
The Dubai index fell on Thursday, joining weakness in global stocks, as traders resorted to profit-taking amid geopolitical uncertainty on Syria and North Korea.
The Dubai Financial Market General Index closed 0.88 per cent lower at 3,509.34. “International markets have been weak, the volatility that we saw globally weighed on our markets and we saw profit-taking and reduction of risk appetite,” said Marwan Shurrab, head of high net worth and retail equity brokerage Al Ramz.
Gulf Finance House closed 3 per cent lower at Dh2.34. Emaar Properties closed more than 1 per cent lower at Dh7.25.
Dubai Islamic Bank closed 0.34 per cent lower at Dh5.88. Out of a total of 34 stocks traded on the exchange, shares of 30 shares fell, while only one remained on the gaining side.
The Abu Dhabi Securities Exchange General Index closed 0.81 per cent lower at 4,518.14. Commercial Bank International closed 9.30 per cent lower at Dh1.56, while First Abu Dhabi Bank, trading as National Bank of Abu Dhabi, closed 1.39 per cent lower a Dh10.65. National Bank of Ras Al Khaimah closed 2.54 per cent lower at Dh4.6.
Focus
“Banking sector would be in focus. The expectations from banking sector is positive after strong distribution that we saw at the beginning of the year,” Shurrab said.
Dubai Islamic Bank witnessed better than expected results in the first three months to June, and analysts expect strong momentum to continue. In other banks, Emirates NBD is slated to publish their results on April 18.
Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index closed 0.31 per cent lower at 7,076.92. “Saudi Arabia has its own catalysts. The expected MSCI upgrade would remain as the main catalyst. Market would be strong as long it sustains above the 7,000 level,” Shuraab added.
The Qatar exchange index closed 0.36 per cent lower at 10,451.47. The Muscat MSM 30 index closed 0.26 per cent higher at 5,571.620.
