UAE traders lack interest on bourses as fresh impetus eyed

Dubai:

Traders on UAE bourses lacked interest on Monday on lack of fresh impetus to put orders. Trading in shares of HITS Telecom, and Al Madina re-started after a gap of more than a month.

The Dubai Financial Market General Index closed 0.41 per cent lower at 3,454.39.

“The market is trading sideways, somehow holding over the long term trendline support zone at 3,460. The trend shall turn up only if we manage to close over the 3,530 resistance,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Traded value fell to Dh164 million on Monday, falling from the last week’s average of Dh220 million.

Emaar Properties closed flat at Dh7.27, and was the most actively traded stock. Emaar Malls closed 1.97 per cent lower at Dh2.49 after the company confirmed talks with online retailer Souq.com for a potential takeover.

Arabtec closed more than 1 per cent lower at Dh0.890. Union Properties closed more than 1 per cent at Dh0.985.

Trading re-started:

Trading in Kuwait-based HITS Telecom and Al Madina re-started after a gap of more than a month.

“We are expecting more retail activity with HITS Telecom and Al Madina back to trading after being suspended, we expect a hit at start with some investors trying to release some of their held cash and both names could stabilise by mid session,” Ahmad Waheed, Vice-President — Institutional Desk at Menacorp, said in a morning note before trading started.

At close, HITS Telecom was 10 per cent lower at Dh0.72, while Al Madina was 6.38 per cent lower at Dh0.646. The exchange had suspended trading in shares of the companies pending results in mid-February.

The Abu Dhabi Securities Exchange General Index closed flat at 4,465.28. Aldar Properties closed 0.83 per cent higher at Dh2.42. Rak Properties closed 9.86 per cent lower at Dh0.64.

Eshraq Properties closed 5.26 per cent lower at Dh1.08. Etisalat closed 0.28 per cent lower at Dh17.90.

Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.32 per cent lower at 6,852.13. The Qatar exchange index closed 0.15 per cent higher at 10,428.53.