UAE traders ignore good results amid uncertain global markets

Dubai

Traders on UAE bourses ignored better than expected fourth quarter results, indicating lack of interest due to uncertain global markets.

Companies like Arabtec, Drake and Scull and Gulf Finance House reported a higher fourth quarter net profit, even as the Dubai Financial Market General Index closed 0.16 per cent lower at 3,336.12.

Emaar Properties closed 2 per cent lower at Dh6.25 ahead of its fourth quarter results.

Emaar Development closed 1.04 per cent lower at Dh5.69 despite registering 30 per cent jump in net profit last year. Gulf Finance House closed 2.19 per cent lower at Dh1.34.

“Emaar Development is on the verge of giving a bullish breakout over the sideways channel resistance of Dh5.78 and target Dh5.93/6.30 in the medium term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in note.

Dubai Islamic Bank closed 0.48 per cent higher at Dh6.25.

The Abu Dhabi Securities Exchange closed 0.25 per cent lower at 4,588.86.

“Overall the Abu Dhabi index is expected to trade in the sideways range with lower support seen at the 4,500 level,” said Prakash.

Bank of Sharjah closed 2.59 per cent higher at Dh0.71. First Abu Dhabi Bank closed 0.44 per cent lower at Dh11.35.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.06 per cent higher at 7,416.78, while the Nomu index was 0.16 per cent lower at 3,078.80.

The Qatar exchange index closed 0.81 per cent higher at 9,060.67. The Muscat MSM 30 index closed almost flat at 5,005.87. The Kuwait index closed more than 1 per cent to 6,777.38, making it the biggest gainer in the region. The Bahrain all share index closed 0.78 per cent lower at 1,342.39.