Dubai
Shares of Damac Properties jumped more than 3 per cent on Tuesday in Dubai after the stock was included in the MSCI emerging market index.
MSCI said it would add DAMAC to its UAE index from June 1, and Arqaam expects an inflow of $68 million (Dh249.6 million) in the name.
Damac Properties closed 2.94 per cent higher at Dh 2.80, after hitting a high of Dh2.97. About 23 million shares changed hands, contributing to 7 per cent of the total.
The actively traded DXB Entertainments closed at Dh0.854, up 3.52 per cent.
“We expect a corrective bounce which may lift it up towards the neckline resistance at Dh0.92 near term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
The Dubai index ignored positive leads from oil. The Dubai Financial Market General Index closed 0.03 per cent lower at 3,376.75.
In other stocks, Emirates NBD closed nearly 3 per cent at Dh8.25. Gulf Finance House closed 1.35 per cent lower at Dh2.20.
The Abu Dhabi Securities Exchange General Index closed
0.39 per cent higher at 4,582.07. Abu Dhabi Commercial Bank closed 2.08 per cent higher at Dh7.35. National Bank of Abu Dhabi closed 0.89 per cent higher at Dh11.30.
Outlook
NBADS has a bearish view on UAE stocks.
“People are looking for what is next. People would go back to the macro, and look at oil. The macro conditions are mixed,” Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities said.
“The stock that people used to trade last year like Shuaa and GFH are obviously more expensive than last year. So of this is actually more bearish from fundamentals point of view,” he added.
Most of the trading last year was cornered by Shuaa Capital and Gulf Finance House, which resulted in traded value crossing the keenly-watched Dh1 billion.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul closed 0.70 per cent higher at 6,940.48. The Qatar exchange index closed 0.07 per cent higher at 10,125.44.
