Abu Dhabi index extends losses
Emaar Properties shares in Dubai have been on a declining trend
Dubai: The Abu Dhabi index closed half a per cent lower due to continued weakness in heavy weights like First Abu Dhabi Bank and Etisalat. The Dubai index stabilised.
The Abu Dhabi Securities Exchange General index closed 0.4 per cent lower at 4,970.88. FAB closed nearly 1 per cent lower at Dh14.34. Etisalat closed 0.12 per cent higher at Dh16.94.
The Dubai Financial Market general index closed 0.24 per cent higher at 2,756.69. Arabtec shares closed 1.79 per cent higher at Dh2.27. “Traders may look to hold Arabtec with stop loss placed under the support at Dh2.14 level. The stock may gain strength towards the higher resistance at Dh2.35 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
“As for Arabtec, investors are satisfied with the several projects being secured and look forward to debt restructuring which could bring down finance costs at a crucial time to strengthen profit margins,” Issam Kassabieh, Senior Financial Analyst at Menacorp said.
Emaar Properties closed nearly half a per cent lower at Dh4.78, after registering a drop of 9 per cent since early November.
“A break over the resistance level of Dh4.93 in Emaar may trigger fresh buying towards the initial target at Dh5.10/5.25 in the short-term,” Prakash said.
“Investors seem to be deterred by Emaar’s spending, reflected in its 9 months cash-flow, which is being compared to the unsatisfying (as per investors) dividends paid while Emirates NBD is still getting pressured over not disclosing fresh updates or a clear course of action over its Turkish acquisition,” Kassabieh said.
Saudi Arabia’s Tadawul index recovered from its intra-day low to end higher. The Tadawul index closed 0.13 per cent higher at 7,514.36. The Muscat MSM 30 index closed flat at 4,453.3. The Qatar exchange index closed 0.24 per cent higher at 10,292.82.