Dubai: The Dubai index fell for a sixth day in a row on Sunday as falling crude oil prices weighed on sentiment, with Emaar falling for a third session, making it the most active stock in trade.
The Dubai Financial Market General Index ended at 3,740.50, down 0.19 per cent on day, after losing more than 3 per cent in the previous five sessions.
“Lack of liquidity is impacting sentiment negatively. Investors are reluctant to increase positions at current levels as the market is not showing strength in terms of liquidity,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.
Emaar Properties, which has the highest weightage on index, ended 0.42 per cent lower at Dh7.1. Arabtec also extended losses by another 0.34 per cent to end at Dh2.9, after the company said they were talks to restart their stalled project in Egypt.
Dubai Islamic Bank ended 0.15 per cent lower at Dh6.73. Dubai Investments ended 0.86 per cent higher at Dh2.31. Among the gainers, Dubai Parks ended 4.12 per cent higher at Dh0.885. Damac Properties ended 1.17 per cent higher at Dh2.59. Out of a total of 32 stocks, 16 stocks fell, shares of 10 companies rose.
Range-bound
“Markets would remain rangebound for the next couple of trading sessions until liquidity returns to the market,” said Shurrab.
Low liquidity has been the major concern on the UAE equity markets after crude oil tumbled more than 50 per cent, pushing investors to the sidelines.
The Abu Dhabi Securities Exchange index ended at 4,593.71, up 0.04 per cent.
Etisalat Telecommunications Corp ended 0.41 per cent higher at Dh12.35, while First Gulf Bank ended 0.34 per cent higher at Dh14.60. Waha Capital ended 0.68 per cent higher at Dh2.95. Among the losers, Eshraq Properties ended 1.22 per cent lower at Dh0.81. Out of a total of 22 shares traded on the exchange, shares of 9 companies rose, while scris of another six fell.
Tadawul rises with Mobily
Saudi Arabia’s Tadawul All Share TASI Index was 0.39 per cent higher at 9,554.45.
Etihad Etisalat Co, which reopened for trading on Thursday, extended gains to reach 42.50 Saudi Riyals, up 9.82 per cent after the appointment of the new chairman. Alinma Bank fell nearly 1 per cent to be at 24 Saudi riyals.
Dar Al Arkan Real Estate Development was 9.90 riyals, up 0.51 per cent.
The Qatar Exchange Index ended 0.04 per cent higher at 12,144.01. The Kuwait Stock Exchange ended 0.39 per cent lower at 6,513.90. Muscat Securities MSM 30 Index ended 0.01 per cent lower at 6,525.73.
