Dubai: Dubai stocks witnessed selling due to a fall in Emirates NBD, which went ex-dividend. Besides that there was profit-taking in real estate stocks as traders were unwilling to come in at higher levels.
The Dubai Financial Market general index closed 1.5 per cent lower at 2,635.78, snapping a rally seen for the past two weeks. The index had gained 8 per cent in the past 10 sessions.
“The resistance of 2,700 almost got tested, attracting mild profit-taking from higher levels,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. Emirates NBD, which went ex-dividend, closed 4.23 per cent lower at Dh9.50. “We expect further decline in Emirates NBD towards the near term support level at Dh9.34/8.80 in the near term,” Prakash said. Emaar Properties closed 0.61 per cent lower at Dh4.90.
“Investors who have pushed Emaar’s rally to resume are expected to take a break as the stock consolidates at its current resistance area with next week being an expected window to break the Dh5 barrier,” Essam Kassabieh, Senior Financial Analyst at Menacorp said. In other stocks, Dubai Islamic Bank closed 0.95 per cent lower at Dh5.22. DP World closed 3.84 per cent lower at $16.01.
Dubai Investments closed flat at Dh1.28. “Dubai Investments’ rally seems to have stopped after surging on news of a high dividend similar to that of the previous year,” Kassabieh said. The Abu Dhabi Securities Exchange general index closed 0.28 per cent lower at 5,137.81. Aldar Properties closed 3.26 per cent lower at Dh1.78. Etisalat closed 0.82 per cent lower at Dh16.88. Union National Bank closed 1.45 per cent higher at Dh5.58.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.24 per cent higher at 8,492.70. Al Rajhi Bank closed 0.20 per cent higher at 100.40 riyals.
Saudi Basic Industries Corp. closed 0.33 per cent higher at 122.40 riyals. Saudi Kayan Petrochemical Co. closed 2.76 per cent higher at 14.14 riyals. Alinma Bank closed 0.58 per cent higher at 24.14 riyals. The Muscat MSM 30 index closed 0.78 per cent higher at 4,144.47. The Qatar exchange index closed 0.24 per cent lower at 10,111.62. MSCI Tadawul 30 Index closed 0.29 per cent higher at 1,254.03. The Kuwait all-share index closed 0.84 per cent lower at 5,231.66. The Bahrain index ended 0.41 per cent lower at 1,412.66. In the wider Middle East, the Egyptian EGX 30 index closed 0.21 per cent higher at 14,803.97.
FTSE Russell made changes in its emerging market index. In the UAE, Aldar Properties and Damac Properties have been downgraded from large-cap to mid-cap stocks. Abu Dhabi Islamic Bank has been added to mid-cap names. Deyaar Development, DXB Entertainments, Union Properties have been downgraded from mid-caps to small-caps. Waha Capital has been removed from the index. Amlak Finance has been moved from small-cap to micro-cap shares.