First Abu Dhabi Bank shares tumbled with the Abu Dhabi index after the bank went ex-dividend even as real estate shares witnessed selling in Dubai.
The most-active First Abu Dhabi Bank shares closed 0.28 per cent lower at Dh14.22. Traded value in FAB shares stood at Dh32 million, 23 per cent of the total value of Dh132 million. The Abu Dhabi Securities Exchange general index closed 2.17 per cent lower at 4,977.19.
“Conflicting technical signals on the chart of the Abu Dhabi index are indicating towards an unstable market, cautioning us to remain neutral and wait for a stronger trend to develop,” Menacorp said in a note. The Abu Dhabi index shaved off most of the gains in the year so far, to trade 1.26 per cent higher.
In other stocks, Emirates Telecom. Group Company or Etisalat closed 0.24 per cent higher at Dh16.88. Union National Bank ended 1.11 per cent higher at Dh5.48.
In Dubai, Emaar Properties closed 0.49 per cent lower at Dh4.89. Gulf Finance House closed 1 per cent lower at Dh0.960. Damac Properties closed 2.07 per cent lower at Dh1.42. DP World closed 3 per cent lower at $15.50. Traded value fell further to Dh169 million from the previous session’s Dh135 million. Dubai Islamic Bank closed 0.38 per cent higher at Dh5.23. The Dubai Financial Market general index closed 0.40 per cent lower at 2,626.13.
“We are waiting to see reversal signals in order to reinstate short positions, or alternatively the downward break of the 2,420 support level,” the technical note from Menacorp said.
Saudi Arabia’s Tadawul index closed 0.32 per cent lower at 8,534.16. Saudi Basic Industries Corp. ended 0.49 per cent lower at 121.80 riyals.
National Commercial Bank closed 0.38 per cent lower at 52.70 riyals. Elsewhere in the region, the Muscat MSM 30 index closed 0.30 per cent lower at 4,153.42.
The Kuwait all share index closed 0.25 per cent higher at 5,305.67. The Bahrain all share index closed 0.25 per cent lower at 1,410.83.