Dubai: The Dubai Financial Market (DFM) general index failed to sustain buying momentum as Emaar Properties weighed on the market after the mid-morning session to force the index 0.03 per cent lower to 2,713.05 at close.
The buying momentum had been triggered by Saudi Arabia’s Tadawul index, which closed 4.14 per cent higher at 7,567.57.
Emaar Properties closed 0.21 per cent lower at Dh4.75 while Union Properties fell 0.60 per cent to close at Dh0.67.
However, other stocks like Gulf Finance House (GFH), Gulf Navigation and Salama Insurance rose in trade, gaining 1.52 per cent to Dh1.30, 5.37 per cent to Dh1 and 5.45 per cent to Dh0.37, respectively.
“[Salama Insurance] is seen outperforming, headed higher towards the given target levels of Dh0.78/0.85 in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities (FABS) said in a note. FABS recommends that investors buy the stock at Dh0.48.
Salama Insurance is up 86 per cent from August 14 despite the Dubai index declining 4.5 per cent during the same period.
In the UAE capital, the Abu Dhabi Securities Exchange (ADX) general index closed almost flat, ending the day 0.04 per cent higher at 4,932.87.
Eshraq, which gained 5 per cent to close at Dh0.61, saw 45 million shares traded — the stock’s highest since April. Dana also saw the bulk trade of 48 million shares, with the stock closing flat at Dh1.10.
Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) shares closed lower at 1.29 per cent to Dh7.63 and 0.84 per cent to Dh4.70, respectively.
Despite the Tadawul’s recovery, tech giant SoftBank, which counts one of Saudi Arabia’s sovereign wealth funds as its biggest investor, tumbled yesterday, closing 7.27 per cent lower at 9,251 yen (Dh302.68).
For Saudi Arabia, pressure continues to linger following the alleged disappearance of Saudi journalist Jamal Khashoggi. The case has seen companies and individuals — including Richard Branson of Virgin, along with Jamie Dimon of JP Morgan or Blackstone’s Steve Schwarzman and Larry Fink — pull out of the kingdom’s annual investor conference, ‘Davos in Desert’.