Dubai: Traders re-emerged at lower in selective counters such as Emaar Malls, Arabtec, Emirates NBD and Aldar Properties but analysts say its far away to be called as a reversal after a sharp downtrend.

The Dubai Financial Market general index closed 0.53 per cent higher at 2,591.89. Emaar Malls closed 4.17 per cent higher at Dh1.75. Emaar Properties closed 1.06 per cent lower at Dh4.75. Arabtec closed at Dh2.17, up 1 per cent. In other stocks, Emaar Development closed 0.26 per cent higher at Dh3.80. Dubai Islamic Bank closed half a per cent lower at Dh5.10.

The Abu Dhabi index witnessed a flat closing as support from Aldar Properties was offset due to buying in banks. Aldar Properties, which was the most actively traded stock, closed 5 per cent higher at Dh1.86. Traded volume in Aldar Properties rose to 10.5 million shares compared to an average of 9.5 million shares per day. First Abu Dhabi Bank closed 0.44 per cent lower at Dh13.62. Other banking stocks such as Abu Dhabi Commercial Bank closed 0.44 per cent lower at Dh9.12. Abu Dhabi Islamic Bank closed 0.22 per cent lower at Dh4.54.

Saudi Tadawul index was nearly half a per cent lower due to weakness in banking shares. The Tadawul index closed 0.45 per cent lower at 8,427.99.

“In Saudi, the first phase of FTSE inclusion should drive in roughly 10 per cent of the estimated total $6 billion in passive flows. The big movers though would be the two MSCI tranches in May and August,” Vrajesh Bhandari, Senior Portfolio Manager, Asset Management at Al Mal Capital said.

Saudi Tadawul index has been one of the outperformers in the region with 7 per cent gains. “In our view — valuations are on the richer side & we expect the Saudi GRE such as PIF to cater to the required demand of stocks in a controlled manner. Local retail and mutual funds have been net sellers and we expect that to continue,” Bhandari said. Foreigner’s buying in Saudi picked up last week to $260 million, the highest since mid-January. Year to date, the inflow stands at $2.1 billion.

Alinma Bank closed 0.25 per cent lower at 24.08 Saudi riyals, while Al Yamamah Steel Industries Co. ended 3 per cent lower at 18.8 riyals.

The Egyptian EGX 30 index closed 0.86 per cent higher at 15,109.8. “In Egypt, the inflation reading came in a tad higher than expectations, though core inflation is largely in-line. We still think there is a small chance for another rate cut this month, since the window thereafter would be closed for a while,” Bhandari said.