Dubai real estate shares decline
Traded volume fell to 82m shares, 41% lower compared to the 30-day average volumes
Dubai: Real estate shares such as Emaar Properties, Damac, Emaar Malls, Union Properties on Dubai bourse fell in trade on Sunday after gaining last week.
Emaar Properties closed 1.04 per cent higher at Dh4.75. Emaar Malls closed 1.16 per cent lower at Dh1.71. Union Properties closed 0.99 per cent lower at Dh0.399. Damac Properties closed 1.56 per cent lower at Dh1.26. The Dubai Financial Market general index closed 0.42 per cent lower at 2,775.74.
“Most of the stocks witnessed profit taking, as the index tested the 2,835-2,850 resistance zone. Further profit taking if seen shall find support at 2778/2760 level,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.
Dubai Islamic Bank closed less than half a per cent higher at Dh5.25, DP World was the one of the top gainers in trade. DP World closed 3.78 per cent at $19.20. Traded volume fell to 82 million shares, 41 per cent lower compared to the 30-day average volume of Dh137 million. In other stocks, Dubai Investments closed 5.44 per cent lower at Dh1.39. Amlak Properties closed 1.98 per cent lower at Dh0.347.
Early buying in banking shares on the Abu Dhabi Securities Exchange (ADX) fizzled out at the end of trading session. ADIB, ADCB, FAB almost closed flat with intra-day buying.
Union National Bank hit a high of Dh5.95, before closing at Dh5.9, The Abu Dhabi Securities Exchange general index closed 0.21 per cent lower at 5,380.67. “The trend in the Abu Dhabi index stays very bullish as completes the inverse head and shoulders bullish reversal pattern. We expect further buying in select banking stocks, traders may look to hold and add further,” Prakash said.
Abu Dhabi Commercial Bank closed 0.59 per cent lower at Dh10.06. First Abu Dhabi Bank closed 0.36 per cent lower at Dh16.60. Abu Dhabi Islamic Bank ended 0.21 per cent lower at Dh4.82. Eshraq Investments closed 1.45 per cent higher at Dh0.49.
Elsewhere in the Gulf, Saudi Tadawul index was at 9,292.33, up 0.18 per cent. Samba Financial Group was 1.42 per cent lower at 38.20 Saudi riyals.
“We reassign hold rating on Samba. The stock is currently trading at a Price to Book multiple, lower than the average of its peers,” FABS said in a note.
Saudi Basic Industries Corp. was 0.97 per cent higher at 124.80 riyals. Al Rajhi Bank was 0.53 per cent lower at 75.60 riyals. Alinma Bank was 0.91 per cent lower at 27.35 riyals. The Muscat MSM 30 index closed 0.26 per cent higher at 3,930.05. The Kuwait all share index closed 0.87 per cent lower at 5,655.92. The Bahrain index closed at 1,440.71, down 0.11 per cent.