Abu Dhabi index extends losses to 1-month low

Dubai: The Abu Dhabi index fell more than 1 per cent on Tuesday to revisit its lowest level in a month led by Sharjah Islamic Bank. The Dubai index, however, ended flat.

The Abu Dhabi Securities Exchange General Index ended 1.43 per cent lower at 4,512.79, after hitting a low of 4,510.94, alevel last seen in early February. Volumes remained lacklustre, which was pegged at Dh427 million.

“Our view is that once turnover reaches the Dh1 billion market, we should see the market rally extending. Otherwise, we can remain for some time trading sideways within a tight range,” said Amr Hussain Al Alfy, Mubasher Trade managing director.

“More recently, turnover has been inching a bit higher now that the earnings season is almost behind us,” said Alfy.

Sharjah Islamic Bank ended 6.74 per cent lower at Dh1.66, while Abu Dhabi Commercial Bank ended 0.13 per cent lower at Dh7.7. Etisalat ended 0.40 per cent lower at Dh12.40. Aldar Properties ended 0.81 per cent higher at Dh2.49, while United Arab Bank ended 5.99 per cent higher at Dh6.90.

In Dubai, the Dubai Financial Market General Index ended 0.02 per cent higher at 3,752.52, after moving in a tight range of 3,718.92-3,765.27. Volumes were pegged at Dh363 million. Union Properties ended 5.88 per cent higher at Dh1.08, after its board recommended an 8 per cent dividend.

Arabtec ended 2.07 per cent higher at Dh2.96 after the Egyptian housing minister said the company’s $40 billion project was on course. Emaar Properties also ended 0.84 per cent higher at Dh7.18.

On Nasdaq Dubai, shares of Orascom Construction ended 4.02 per cent lower at $14.1, a day after its listing.

Mobily falls again

Saudi Arabia’s Tadawul All share Index was 0.34 per cent lower at 9,590.54, while Etihad Etisalat or Mobily was 3.57 per cent lower at 41.3 Saudi Riyals.

“We believe the market will be waiting for the first quarter results with a critical eye, looking for reassurance that the worst is behind,” said Alfy.

Mobily’s stock has been a victim of overall negative sentiment surrounding the company’s financial performance in light of its restatements and recent investigations.

The stock is 47 per cent below its level seen in the end of October 2014 before the financial debacle started.

Qatar Exchange Index ended 0.23 per cent higher at 12,264, while Oman’s Muscat Securities MSM 30 Index ended 0.91 per cent lower at 6,462.04. Kuwait’s Stock Exchange Index ended 0.30 per cent higher at 6,529.83. Bahrain’s Bourse All Share Index ended 0.04 per cent higher at 1,471.73.