Dubai, Abu Dhabi indices end lower as volumes fall

Dubai: Dubai and Abu Dhabi indices ended a tad lower on Wednesday led by slight profit-taking in blue chips like Emaar Properties and Damac Properties. Saudi’s Tadawul also ended lower post weak sentiment in crude.

The Dubai Financial Market General Index ended 0.45 per cent lower at 4,108.74, after gaining more than 1.3 per cent on Tuesday.

“There were no major catalysts. I’m expecting markets to stabilise and trade sideways from here on,” said Sebastien Henin, head of asset management at The National Investor.

About Dh600 million worth of shares were traded on the exchange, down from Dh1.1 billion on Tuesday.

Emaar Properties ended 0.25 per cent lower at Dh8.12, after rising as much as Dh8.26 after it said it plans to list its Egyptian unit on the Cairo bourse. Damac Properties ended 1.23 per cent lower at Dh3.21. Union Properties ended 2.44 per cent lower at Dh1.20. Dubai Islamic Bank ended 0.58 per cent higher at Dh6.95.

Gulf Finance House also fell, and ended 2.04 per cent lower at Dh0.770.

Out of a total 30 stocks traded on the bourse, shares of 19 companies fell, while shares of another 5 rose.

Abu Dhabi Securities Exchange General Index ended 0.13 per cent lower at 4,630.99. Aldar Properties ended 2.85 per cent lower at Dh1.38, while Abu Dhabi Commercial Bank ended more than 1 per cent lower at Dh7.87.

Out of a total of 34 stocks traded on the exchange, shares of 15 companies rose, while shares of 14 companies fell.

Saudi’s Tadawul falls

Saudi’s Tadawul All Share TASI index ended nearly a per cent lower after Brent fell more than 3 per cent in the previous session.

Saudi’s Tadawul index ended 0.81 per cent lower at 9,731.3.

Saudi Basic Industries Corp ended more than a per cent lower at 105 Saudi Riyals after a downgrade by a broker.

Brokerage Renaissance Capital on Wednesday downgraded the kingdom’s biggest listed company, Saudi Basic Industries, to “sell” from “hold” with a target price of 88.00 Saudi riyals.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.52 per cent higher at 12,522.30, while Kuwait Stock Exchange Index ended 0.19 per cent higher at 6,379.14.

Egyptian EGX 30 price index ended 0.58 per cent lower at 8,826.01 after gaining more than 7.5 per cent in the previous two sessions mainly supported by the government’s decision to hold capital gains tax.