Dubai: Dubai index on Sunday remained rangebound with Drake and Scull contributing the most to the total traded value.
The Dubai Financial Market General Index closed 0.21 per cent higher to 2,918.74. Traded value stood at Dh208 million.
“UAE markets have been in tight range, and with thin trading. We may see volumes start to increase in late August and September as investors return from summer vacation period,” said Saleem Khokhar, head of investment management at First Abu Dhabi Bank asset management group.
Drake and Scull International closed 1.67 per cent higher to Dh1.22. Traded value was at Dh65 million, contributing to 31 per cent of the total. Gulf Finance House closed 2.08 per cent higher to Dh1.47. Emaar Properties closed 0.19 per cent higher to Dh5.14. Dubai Financial Market shares witnessed continued buying. DFM shares closed at Dh1.04, up 1.96 per cent.
DIB rights and DIB shares remained flat at Dh1.63 and Dh4.80 respectively. The Abu Dhabi Securities Exchange general index closed 0.13 per cent lower to 4,425.86.
Aldar Properties closed 0.48 per cent higher to Dh2.09. Union Arab Bank closed 13.85 per cent higher to Dh1.48.
Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.02 per cent higher to 8,018.06.
“We may see increased activity in Saudi as we near the MSCI announcement in June. We have already seen upward momentum in Saudi. We may see some profit-taking in Saudi prior and after the announcement,” Khokhar said.
Dar Alarkan Real Estate Development Co closed 0.32 per cent higher to 11.38 Saudi riyals, while Nama Chemicals Co closed 0.72 per cent higher. Saudi Basic Industries Corp closed 0.19 per cent lower to 117.20 riyals.
“The petchems as a sector has performed well, along with banks. And there still remains a reasonable value in these sectors,” Khokhar said.
The Qatar exchange index closed 0.39 per cent lower to 8,856.90. The Muscat MSM 30 index closed 0.60 per cent lower to 4,590.16.