Dubai: UAE investors are still suffering from lack of confidence.
UAE stocks closed marginally lower on Sunday on selling in specific stocks. The Saudi Arabia’a Tadawul index fell more than a per cent.
The Dubai Financial Market General Index closed 0.19 per cent lower at 3,348.14, while the Abu Dhabi Securities Exchange General Index closed 0.62 per cent lower at 4,362.17.
“There were no trades, we didn’t see much volumes too. Markets are being illiquid due to lack international participation. There was a limited activity in Shuaa and Dubai Entertainment,” Ahmad Waheed, Vice President — Institutional Desk, Menacorp told Gulf News.
Analysts have been saying that selling pressure could accelerate in coming months, if the Dubai index breaches 3,200 support area.
Among the stocks, Shuaa Capital and Dubai Entertainment were the most active stock in trade.
Dubai Entertainment closed more than a per cent lower at Dh1.48. Dubai Entertainment was the most active stock in trade, contributing to 33 per cent of total volumes. Shuaa Capital closed 0.23 per cent higher at Dh0.882.
Among other stocks, Emaar Properties closed 0.29 per cent lower at Dh6.88. Out of a total of 33 stocks traded on the exchange, shares of 21 firms fell, while other 7 rose. The rest remained steady.
Confidence
Generally since the past few weeks, markets have witnessed lack of fresh buying amid sagging confidence as the UAE indices have been continuing its downward trend.
However in the short-term, traders would be waiting for the third quarter results.
The Saudi Arabia index fell more than 2 per cent.
“Saudi Arabia went down massively last Sunday, and rebounded strongly the whole week. So it might be a small profit-taking,” Waheed said.
The Tadawul index closed 2.21 per cent lower at 5,506.78. Saudi Basic Industries closed more than 1 per cent lower at 83.25 Saudi riyals. Elsewhere in the Gulf, the Qatar exchange index closed 0.02 per cent lower at 10,355.53, while Muscat Securities MSM 30 index closed 1.47 per cent higher at 5,692.36.
