Dubai: Dubai index fell, extending losses for another session, even as traded value fell by more than a third as investors awaited more results.
The Dubai Financial Market General index closed 0.26 per cent lower at 3,669, after losing more than 1.5 per cent on Sunday. Traded value came in at Dh600 million, down 33 per cent from the previous day’s total of Dh911 million.
“Today’s traded value is only Dh600 million on the DFM. People are waiting for more results before taking positions,” said Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities. But on a relative basis, traded volumes have recovered from the low of Dh250 million registered a month ago.
Banks:
Monday also saw witnessed mixed performance from banks.
Abu Dhabi Commercial Bank closed 0.40 per cent higher at Dh7.52. National Bank of Abu Dhabi closed 2.83 per cent lower at Dh10.30. Sharjah Islamic Bank closed 0.65 per cent higher at Dh1.55.
“The banking sector was mixed, I don’t think we should blame the banks. There was light profit-taking,” Manibhandu said.
“Emirates NBD results were one of first one to come in, so people should not draw conclusions just yet,” Manibhandu said.
Emirates NBD’s net profit came in slightly better compared to NBADS’ estimates, but the top line was “disappointing,” Manibhandu said. The bank maintained the dividend at 40 fils per share. Elsewhere in the UAE, the Abu Dhabi Securities Exchange general index closed 0.46 per cent lower at 4,653.48.
Sentiment:
“The sentiment would be dependent on results, and traders will have to look at another set of results in the next couple of weeks for direction,” Manibhandu said.
Saudi Arabia has been a laggard since the start of the year, after registering stellar gains in the last quarter of 2016.
People are taking profits, because they think that the index has run away,” Manibhandu said.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.55 per cent lower at 6,823.63. The Qatar exchange index closed 0.30 per cent higher at 10,759.40.
