Dubai: Abu Dhabi index fell more than 1.5 per cent on Thursday on profit-taking along with Dubai index as investors resorted to profit-taking.
The Abu Dhabi Securities Exchange General Index ended 1.58 per cent lower at 4,631.75, after hitting a low of 4,626.23. Shares worth Dh296 million were traded on the exchange.
“There was profit-taking activity after we saw resistance being built up post high turnover trading,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings, adding “the main focus on Thursday was on banking sector.”
First Gulf Bank ended Dh15.15, down more than 3 per cent after its first quarter results came in below expectations. Aldar Properties ended 3.50 per cent lower at Dh2.76 due to profit-taking.
Out of a total of 30 companies traded on the exchange, shares of 18 companies fell, while shares of 8 companies rose.
Dubai index also extended early losses to end lower on profit-taking in property stocks like Damac, Union Properties and Emaar Properties.
The Dubai Financial Market General Index ended 1.09 per cent lower at 4,088.09.
“The index has struggled to breach the resistance level of 4,200 thrice. If Dubai index breaches this resistance level, then we might see a new resistance of 4,388/4,500,” Osama Al Ashri, member of British organisation, Society of Technical Analysts told Gulf News.
Union Properties ended 2 per cent lower at Dh1.47, while Damac Properties ended 0.32 per cent lower at Dh3.10 after disclosing on Wednesday plans to pay cash dividends for this year and next. Emaar Properties ended 3.06 per cent lower at Dh7.93 after it went ex-dividend.
Out of a total of 34 stocks traded on the exchange, shares of 18 companies fell, while shares of 14 companies rose.
Saudi’s Tadawul index ended a tad higher, extending gains for another session.
“Saudi’s performance is related to two factors, one with opening up of markets to foreigners, and the second one due to a halt in air strikes on Yemen,” Shurrab said.
Saudi’s Tadawul All Share index (Tasi) ended 9,614.61, up 0.44 per cent.
Saudi Arabia Fertilizers ended 0.62 per cent higher at 116 Saudi Riyals, while Saudi Basic Industries ended 0.64 per cent higher at 96.75 Saudi Riyals. Out of a total of 161 shares traded on the exchange, shares of 89 companies rose, while shares of another 42 companies fell.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.48 per cent higher at 12,049.85, while Muscat Securities MSM 30 index ended 0.15 per cent higher at 6,360.25.
Bahrain Bourse All Share Index ended 0.18 per cent lower at 1,397.77.