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UAE traders sell fearing global volatility ahead

Selling was seen in shares of Emaar Malls, Union Properties, Dubai Investment Corp, Shuaa, Emirates NBD, and Gulf Finance House

Gulf News

Dubai

Traders on the UAE bourses resorted to some selling ahead of the weekend, fearing a revival in volatility in the global markets as witnessed since late last week.

Selling was seen in shares of Emaar Malls, Union Properties, Dubai Investment Corp, Shuaa, Emirates NBD, and Gulf Finance House.

The Dubai Financial Market General Index closed 0.85 per cent lower at 3,325.62. The index has been on a downward trend, trading below the trendline support zone of 3,350.

“As US equities failed to continue their recovery from the recent correction, selling pressure could again bring UAE indices lower after bluechips recovered during Wednesday’s session. Buying pressure at support level could be revealing strong fundamentals and thus focus returns to annual earnings report, dividend distribution and first quarter analysts’ forecasts,” Menacorp said in its daily report.

Emirates NBD closed more than a per cent lower at Dh8.45, while Drake and Scull closed 3.45 per cent lower at Dh1.96. Gulf Finance House closed at Dh1.40, down 1.41 per cent.

Shuaa Capital closed 2.63 per cent lower at Dh1.1. “Shuaa reported a sharp increase annual profits as a result of growing asset management division. The stock could see some buying during the session specially that additional income increases its chances of regional acquisition and encourages operational growth,” the Menacorp note added.

The Abu Dhabi Securities Exchange general index closed, however, closed 0.08 per cent higher at 4,599.47.

Taqa rose to as high as Dh0.50, before closing 5 per cent higher at Dh0.57. Traded volumes stood at 14.4 million. Waha Capital closed 1.95 per cent lower at Dh2.09.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.19 per cent lower at 7,403.15. The Nomu index closed 0.16 per cent lower at 2,992.28.

The Qatar exchange index closed 0.06 per cent higher at 8,893.27. The Muscat MSM 30 index closed 0.70 per cent higher at 5,006.62.

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