UAE stocks see selling amid volatile global markets

Dubai

Most of the UAE stocks witnessed selling despite mixed fourth quarter results and amid volatile global market conditions.

The Dubai Financial Market general index closed 0.17 per cent lower at 3,330.44, and has been consistently trading below its key resistance level of 3,350.

Emaar Properties closed 0.32 per cent lower at Dh6.23, while Gulf Finance House closed 2.99 per cent lower at Dh1.30. Emaar Development shed 1 per cent to close at Dh5.61.

“Today’s (Thursday) session could see some selling in small cap space particularly Union Properties, which had risen significantly over the past year following the change in management,” Menacorp said in a morning note.

Union Properties closed 0.11 per cent lower at Dh0.889. The Abu Dhabi Securities Exchange general index closed 0.25 per cent lower at 4,577.42.

“The Abu Dhabi index is expected to trade in the sideways range with lower support seen at the 4,500 level,” said First Abu Dhabi Bank Securities’ Shiv Prakash, senior analyst.

Aldar Properties closed 3 per cent lower at Dh2.19. Eshraq Properties closed 0.14 per cent lower at Dh0.7.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.22 per cent higher at 7,510.43, while the Nomu index closed 0.12 per cent higher 0.13 per cent higher at 3,094.76. The Qatar exchange index closed 0.36 per cent higher at 9,027.71. The Muscat MSM 30 index closed 0.21 per cent higher at 5,016.62. The Bahrain all share index closed 0.20 per cent lower at 1,339.72. The Kuwait index closed 0.19 per cent lower at 6,764.28.