Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.465, while Islamic Arab Insurance Company closed 5.28 per cent lower at Dh0.700. However, the Dubai Financial Market General Index closed 0.50 per cent higher at 2,741.50.
“As earnings of three companies come out including Deyaar Properties, Commercial Bank of Dubai, and Al Ramz Capital, Dubai’s index could see some movement with investors being able to grasp the market’s direction in terms of profits a bit better for the nine months of this year,” Issam Kassabieh, senior analyst with Menacorp said in a morning note.
Dubai Islamic Bank closed 1.15 per cent lower at Dh5.16, while Emaar Properties, Dubai Investment and Emaar Properties ended in the positive zone.
The Abu Dhabi Securities Exchange general index closed 0.57 per cent higher to be at 4,956.97.
Abu Dhabi Commercial Bank closed 0.39 per cent lower at Dh7.58. Al Dar Properties closed 2.73 per cent higher at Dh1.73. First Abu Dhabi Bank closed 1.24 per cent higher at Dh14.66.
Eshraq Properties closed 1.57 per cent lower atDh 0.62. “Eshraq has been a big hit with investors as its plans to develop its land bank with a focus on distressed assets has been acknowledged by investors as a smart strategy,” Kassabieh said.
Eshraq’s share price may move higher after the company announced that has received an approval to move forward with a buy-back, he added.
Elsewhere in Saudi Arabia, the Tadawul index closed 0.12 per cent lower at 7,657.87. Saudi Basic Industries Corp. closed 1.45 per cent higher at 125.80 Saudi riyals, while Al Rajhi Bank closed 0.12 per cent lower at 86.40 riyals. The Muscat MSM 30 index closed 0.03 per cent higher at 4,452.91.
The Qatar exchange index closed more than a per cent higher to be at 10,157.48.