Dubai: UAE indices ended almost flat on Wednesday as investors waited for fresh leads after oil prices continued to move in a tight range.
The price of oil was a per cent lower on renewed concerns of a supply glut after figures from an industry group showed US crude stockpiles rose more than expected last week. Equity markets of oil dependent Gulf states closely follow the commodity.
The Dubai Financial Market General index closed 0.05 per cent lower at 3,351.68, after trading in a tight range of 3,313.31-3,353.24.
Union Properties closed 0.69 per cent higher at Dh0.880, while Arabtec closed 1.22 per cent higher at Dh1.66. Amlak Finance closed more than 2 per cent higher at Dh1.65. Gulf Finance House closed more than 1 per cent higher at Dh0.849. Dubai Islamic Bank closed 0.18 per cent lower at Dh5.78. Out of a total of 34 stocks traded on the exchange, shares of 17 firms rose, while another 13 fell.
The Abu Dhabi Securities Exchange General index closed 0.58 per cent lower at 4,363.15.
“The resistance for Abu Dhabi index is at 4,590 and support at 4,313, any either side breakout will dictate the clear direction,” National Bank of Abu Dhabi Securities said in a note to clients.
Dana Gas ended more than 3 per cent lower at Dh0.51. Aldar Properties closed more than 1.5 per cent lower at Dh2.71. Rak Properties closed more than 1.5 per cent lower at Dh0.62. Out of a total of 22 stocks traded on the bourse, shares of 5 firms rose, while other 9 fell.
Factbox: Most other regional markets also end flat
Most other equity markets in Gulf except for Muscat index closed almost flat.
Saudi Arabia’s Tadawul index was down 0.24 per cent at 6,465.88. Qatar exchange index fell 0.36 per cent to end at 10.452.28, while Muscat securities MSM 30 index closed 1.06 per cent higher at 5,487.82. Kuwait Exchange index closed almost flat at 5,253.72.
Bahrain exchange index closed almost flat at 1,160.27.
