Dubai: The Dubai Financial Market (DFM) witnessed another subdued session on Sunday as lack of activity ahead of year-end holidays kept traders on the sidelines.
The DFM closed 0.48 per cent down at 3,348.81 on Sunday.
Khaleeji Commercial Bank, which saw profit-taking earlier in the session, saw a positive closing. KCB shares closed 2.72 per cent higher at Dh1.51, after hitting a low of Dh1.12. The stock has gained 54 per cent since its listing on the DFM.
“This week’s volume is expected to remain low due to holidays and long weekend ahead,” said Hisham Khairy, head of institutional trading, at Menacorp.
Salam Bank closed 6.12 per cent higher at Dh1.04.
“A bottom is formed in Salam Bank, and shares may see Dh1.10/1.27 in the short term. Traders may look to buy with stops placed under Dh0.92 level,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note.
In other stocks, Dubai Islamic Bank closed 0.16 per cent higher at Dh6.20, while Gulf Finance House closed at Dh1.56, down 1.27 per cent. Drake and Scull closed less than a per cent lower at Dh2.23.
Emaar Properties closed 0.70 per cent lower at Dh7.06. Emaar Development closed 0.98 per cent higher at Dh5.13.
The DFM index stocks have been witnessing low volumes because traders are hestitant amid low liquidity in the market. Traded value has tumbled to Dh300 million from a high of Dh1 billion seen a few months ago.
“DFM index almost did nothing last week, volume was low if it wasn’t for the crosses taking place on different stocks, on daily basis the index found support for the last six sessions at 3,355,” Khairy said .
Abu Dhabi stocks
The Abu Dhabi Securities Exchange general index closed 0.54 per cent lower at 4,325.52.
“ADX resumed its weakness could test support at 4,335, on weekly basis index tested the 4,400 resistance twice now and failed which indicates further weakness could be on the table,” Khairy said.
Etisalat closed 2.03 per cent lower at Dh16.85. Abu Dhabi Ship Building closed 4 per cent weaker at Dh1.92.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.39 per cent lower at 7,181.46.
The energy index closed 0.73 per cent lower at 4,272.18. The Capital goods index closed at 4,330.66, down 0.8 per cent. The Qatar exchange index closed 0.25 per cent lower at 8,600.20. The Muscat MSM 30 index closed 0.17 per cent lower at 5,054.77. The Bahrain all bourse index closed 0.37 per cent higher at 1,285.88. The Kuwait all share index closed 1.11 per cent lower at 6,342.66.