Dubai: The Abu Dhabi Securities (ADX) General Index closed 0.94 per cent lower at 4,939.94 on Sunday due to profit-taking in First Abu Dhabi Bank (FAB) shares.
“[The] trend shall remain up, with support seen at 4,890/4,800 levels,” Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities, said.
FAB shed 1.49 per cent to close at Dh14.58 while etisalat fell more than 1 per cent to end the session at Dh16.78. In other stocks, Watania closed more than 10 per cent lower at Dh0.45.
Insurance stocks
Islamic Arab Insurance (Salama), Dar Al Takaful, Dubai Islamic Insurance and Reinsurance (Aman), and Methaq all closed higher on the ADX after witnessing buying with higher volumes.
Salama rose 6.6 per cent to end at Dh0.452 while Dar Al Takaful soared 9.69 per cent to close the session at Dh0.702.
Aman gained 2.99 per cent to close at Dh0.689, while Methaq was up 3.07 per cent to close at Dh0.77.
The Dubai Financial Market (DFM) General index inched up 0.06 per cent to close the day at 2,841.79.
Emaar Properties extended gains for a third consecutive day, rising 2 per cent to end at Dh5.11. Yesterday’s upward movement follows gains of 4 per cent over the three sessions.
Emaar Development ended 0.19 per cent higher at Dh5.30 while Dubai Islamic Bank (DIB) was 0.2 per cent to end at Dh5.13.
“DIB is expected to gain further strength towards Dh5.28, and then Dh5.60 in the short term,” Prakash said.
In other stocks, Emirates NBD closed 1.59 per cent lower at Dh9.30.
Elsewhere in the Gulf, Saudi Arabia’s Tadauwl index shed 0.42 per cent to close at 7,915.07, while the Qatar Exchange index closed at 9,864.02, down 0.23 per cent.
The Muscat MSM 30 index trended higher, rising 0.37 per cent to end at 4,435.53.
