Dubai: The Dubai index ended a two-day rally driven by better than expected results from Emaar Properties.
The Dubai gauge indices entered into a trendless, sluggish trade with low volumes. The Dubai Financial Market General index closed 0.02 per cent higher at 2,550.52. The index has gained 2.6 per cent in the past two sessions. The Dubai index recorded a 50 per cent fall in traded volume to 100 million shares compared to 200 million in the previous session.
Thursday’s market move (real estate stocks were up between 6-9 per cent) has the potential to be a positive sentiment catalyst.
Emaar Properties closed 0.48 per cent higher at Dh4.20. Emaar Properties posted a 30 per cent increase in net profit in 2018 due to rising revenues. The company with the highest weightage on the Dubai index said its net profit rose to Dh7.216, while revenues jumped 37 per cent to be at Dh25.6 billion. “Thursday’s market move (real estate stocks were up between 6-9 per cent) has the potential to be a positive sentiment catalyst for the heavily beaten-down stocks on the DFM. We are closely monitoring the dynamics in the sector,” Charles Charles-Henry Monchau, Managing Director — CIO & Head of Investments at Al Mal Capital said in a note.
Emaar Malls closed at Dh1.60, down 1.23 per cent. “Emaar Malls has tested 50 day moving average of Dh1.66 and is expected to attract selling and target Dh1.55/1.50,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. Aramex closed 1.2 per cent higher at Dh4.22. Dubai Islamic Bank closed 0.20 per cent higher at Dh5.07.
The Abu Dhabi Securities Exchange general index fell due to fall in heavyweight shares such as First Abu Dhabi Bank, Aldar Properties.
The Abu Dhabi index closed 0.58 per cent lower at 5,039.69. FAB closed 0.93 per cent lower at Dh14.88. Abu Dhabi Commercial Bank ended 1.41 per cent lower at Dh9.12. Union National Bank closed 1.75 per cent lower at Dh1.68.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.26 per cent lower at 8,569.83. The Muscat MSM 30 index closed 0.07 per cent lower at 4,073.96O. The Qatar exchange index ended flat at 10,010.54. The Kuwait all-share index closed 0.09 per cent higher at 4,757.33. The Egyptian EGX 30 index ended 0.19 per cent higher at 15,227.24.