Dubai
Dubai index extended losses for another session to near its lowest level since November 2016 weighed by weak performance in Dubai Islamic Bank shares due to dividend adjustments.
The Dubai Financial Market General index fell to a low of 3,201, the level last seen in November 2016, before closing 1.08 per cent lower at 3,208.98.
Dubai Islamic Bank closed at Dh5.60, down 7.59 per cent.
DP World closed down 0.41 per cent lower at $24.35.
“Today DIB went ex-div, and this contributed to the weakness in Dubai index. The regional indices have shown resilience despite the negative sentiment and that 3,200 range was last tested in November 2016. There is no reason to see further downside from these levels,” Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz said.
In other stocks, Emaar Properties closed 0.65 per cent higher to Dh6.21. Ithmaar closed 2 per cent higher at Dh0.460. Emaar Development closed 0.95 per cent higher at Dh5.34.
Low turnover
“Overall the turnover is extremely low. The market is stock specific and that is impacting the direction of the market. The earning season is coming to an end. There are no catalyst and we are seeing negative sentiment as we seeing in global market,” Shurrab said.
Traded value in Dubai has been sluggish and on Thursday it fell to Dh144 million compared to Dh250 million seen last week.
The Abu Dhabi Securities Exchange general index closed 0.06 per cent lower at 4,594.98.
Shares of Etisalat, Waha Capital, Abu Dhabi Commercial Bank (ADCB) were also hit after weakness in Dubai Islamic Bank.
Etisalat closed 0.58 per cent lower at Dh17.1, while ADCB closed 1.92 per cent lower at Dh7.16.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed at 7,400.48, down 0.25 per cent, while the Nomu index closed flat at 3,157.45.
The Qatar exchange index closed 0.89 per cent higher at 8,730.06.
