Dubai: Dubai Islamic Bank’s (DIB) shares snapped a six day gaining streak on Thursday, joining the list of shares where traders resorted to profit-taking, causing the Dubai index to end in the red.
DIB closed 0.57 per cent lower at Dh5.23, after gaining 2.73 per cent in the past six sessions. Along with DIB, Emaar Properties closed 0,21 per cent lower at Dh4.80.
“Emaar Properties’ rally seemed to have come to an end after the dividend has been approve which could set the stock back further on its ex-dividend date,” said Issam Kassabieh, Senior Financial Analyst at Menacorp. The Dubai Financial Market general index closed 0.54 per cent lower at 2,787.44. Other shares such as Dubai Investments closed 9 per cent weaker to be at Dh1.47. Emaar Development closed 0.51 per cent higher at Dh3.95.
The Abu Dhabi Securities Exchange general index closed almost flat. The Abu Dhabi index closed at 5,391.88, down 0.05 per cent. Abu Dhabi Commercial Bank closed 0.80 per cent higher at Dh10.12. First Abu Dhabi Bank closed 0.12 per cent higher at Dh16.66.
Going ahead, the focus would be on the first quarter results.
“More results could be expected next week from non-financial sectors now that banks have almost finished reporting,” Kassabieh said.