Dubai: Dubai index struggled to break the recent range of 2,700-2,850 as traders awaited results from Emaar Properties, the bellwether.
The Dubai Financial Market General index closed 0.98 per cent lower at 2,775.51. Emaar Properties closed 1.2 per cent lower at Dh4.96.
Salama Insurance closed 5.08 per cent lower at Dh0.692. Dubai Islamic Bank closed 1.13 per cent lower at Dh5.26.
“DIB met the target of Dh5.35, and if profit-taking emerges on the name, we may see support at Dh5.20,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said, Gulf Finance House closed 1.56 per cent lower at Dh1.26. The Abu Dhabi Securities Exchange general index closed 0.25 per cent higher at 4,966.78. The National Bank of Ras Al Khaimah closed 1.2 per cent higher at Dh4.20. First Abu Dhabi Bank closed at Dh14.30, up 0.70 per cent, Emirates Telecom. Group Company or Etisalat closed 0.12 per cent higher at Dh16.88. Abu Dhabi Islamic Bank closed 1.69 per cent lower at Dh4.08.
“ADIB was not enough to move the index upwards as the absence of fresh investment lingers, proving that in order for investors to move to blue chips, they must sell the blue chip positions they hold currently, in this case First Abu Dhabi Bank and Etisalat,” Issam Kassabieh, Senior Financial Analyst at Menacorp said.
Saudi Arabia’s Tadawul index closed 0.31 per cent lower at 7,750.95. The secondary market index called as Nomu closed 0.55 per cent lower at 2,443.91. Medgulf traded 6.44 per cent higher at 16.20 riyals, after registering a high of Dh16.74.
“Medgulf may target 18.80 riyals in the near term. Investors who bought the stock earlier may look to book partial profits on rallies,” Prakash said. FABS had a technical buy at 14.95 riyals on November 6. Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.28 per cent lower at 4,467.28. The Qatar exchange index closed 0.96 per cent lower at 10,314.62.