Dubai: The Dubai index on Sunday ended off highs, but traded in a tight range on lack of interest from traders ahead of Ramadan.
The Dubai Financial Market General index closed 0.28 per cent higher at 3,360.47, after trading in the tight range of 3,345.33-3,370.13.
“There is a complete lack of interest. Market was almost flat. If we exclude some companies in which we’ve seen decent news flow, otherwise the market is almost dead,” Sebastien Henin, head of asset management at The National Investor. Traded volumes stood at Dh200 million, almost half compared to a few weeks before.
In stock-specific action, Dubai Parks and Resorts ended 1.41 per cent lower at Dh1.41, while Dubai Islamic Bank ended nearly 3 per cent higher at Dh5.42 ahead of the rights issue.
Gulf Finance House ended more than 1 per cent lower at Dh0.821, while Emaar Properties closed almost steady at Dh6.38. Out of a total of 35 stocks traded on the exchange, shares of 25 firms fell, while other 6 rose.
Not keen:
“We are less than two weeks from Ramadan, and investors won’t be keen to take positions as we go in the summer period,” Henin said. UAE and Gulf equities would enter quiet period of summer months when investors prefer to be on the sidelines may extend till Eid and beyond.
On Sunday, in Abu Dhabi, the general index closed 0.47 per cent higher at 4,303.48. Eshraq Properties ended more than 1 per cent lower at Dh0.79. Rak Properties closed more than 1 per cent lower at Dh0.58. Out of a total of 30 stocks traded on the exchange shares of 14 firms fell, while other 8 rose.
Elsewhere in the Gulf, Tadawul index was 0.63 per cent lower at 6,441.50. Muscat Securities MSM 30 index closed 0.41 per cent lower at 5,890.45.
Qatar exchange index closed 0.42 per cent lower at 9,675.66. Kuwait Stock Exchange index closed 0.07 per cent lower at 5,392.81.
