UAE indices ended mixed on Thursday with traders tightening their positions ahead of a key meet of oil producers.
The Dubai Financial Market General Index closed 0.77 per cent lower at 3,324.07, after moving in the range of 3,314.91—3,368.06.
“Its end of the week, and people are squaring off positions and reducing risks over the weekend,” Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities said.
Opec and non-Opec members will meet on November 30 to decide on the output cuts from each members. Venezuela, an Opec member, has said the oil deal is imminent.
Investor sentiment depends on prices of oil, from which Gulf countries derive most of their revenues. In stock specific action, Gulf Finance House closed 2.82 per cent higher at Dh1.82, while Union Properties closed more than 4 per cent higher at Dh0.836.Dubai Entertainments closed less than a per cent higher at Dh1.54. Out of a total of 35 stocks, shares of 20 firms fell, while other 11 rose.
The Abu Dhabi Securities Exchange General Index closed 0.32 per cent higher at Dh4,273.04. Union National Bank closed 2.75 per cent higher at Dh4.48. National Bank of Abu Dhabi Securities closed 2.17 per cent higher at Dh9.40. Out of a total of 26 stocks traded on the exchange, shares of 10 fell and 10 rose.
“We will see people rotating in dividend play. People would look forward to the first quarter as investors would watch for announcements,” Manibhandu said.
Among stocks, NBADS said they would focus on banks like Dubai Islamic Bank and Abu Dhabi Commercial Bank.
“We should look at banks again, and may play a catch-up with their global peers. Banks in the US, Europe have done well because of deepening of yield curve and on expectations of inflation,” Manibhandu said.
On Thursday, elsewhere in the Gulf, the Tadawul index closed 0.29 per cent higher at 6,816.05. The Qatar exchange index closed 0.24 per cent lower at 9,714.93. The Muscat Securities MSM 30 index closed 0.47 per cent higher at 5,521.29.