Dubai: Traded value on the Dubai Financial Market (DFM) General Index tumbled by 50 per cent on Sunday despite the index closing a tad higher than the previous session.

Traded value came in at Dh43 million, half of the quantum seen last Sunday, when the figure stood at Dh90 million. The DFM index closed 0.13 per cent higher at 2,977.89.

Emaar Properties edged up 0.75 per cent to close at Dh5.37, while Aramex closed 2 per cent higher to Dh4.59 and Air Arabia rose 1.9 per cent to end the session at Dh1.07. Gulf Finance House (GFH), however, fell 0.71 per cent to close at Dh1.40.

“Recent price movements on stocks have echoed the sentiment of investors on the entire sector that they belong to as a whole, with companies expected to underperform witnessing significant losses in the days leading up to disclosures,” Issam Kassabieh, a senior analyst with Menacorp, said.

Most property companies are expected to disclose their second-quarter results soon.

“Trading on the DFM is likely to be turbulent, with the week closing with Air Arabia’s financials that may deteriorate investor sentiment if serious provisions are posted as result of the Abraaj Capital fiasco,” Kassabieh said.

Air Arabia has disclosed an exposure of more than Dh1 billion to Abraaj, the embattled private equity firm.

The Abu Dhabi Securities Exchange (ADX) General Index slipped 0.11 per cent to close at 4,806.30.

RAK Properties was down 2.99 per cent to end at Dh0.65, while Abu Dhabi Commercial Bank retreated 1 per cent to close at Dh7.08, despite having gained in the previous session.

“The banking sector also reflected positively on the bourse with Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank [exhibiting] growing margins. These limited the losses from the real estate and construction sectors that continue to suffer from the absence of projects and dwindling margins,” Kassabieh said.

In other stocks, Abu Dhabi Islamic Bank closed less than a per cent lower at Dh3.92. Sharjah Islamic Bank ended 0.81 per cent lower at Dh1.22.

Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index eased 0.13 per cent to close at 8,242.71.

Saudi Basic Industries Corp slipped 0.31 per cent to 128.20 Saudi riyals while Saudi Kayan Petrochemical Co was down 1.11 per cent to 17.88 riyals. Bupa Arabia, however, closed nearly 10 per cent higher at 90.40 riyals.

“Bupa Arabia witnessed a bullish breakout, recovered to test the 50-day SMA [simple moving average] at 90.40 riyals, hinting further continuation towards the trend reversal point at 93 riyals. A break over shall extend gain towards the higher Fibonacci targets at 96.65/100/105 riyals in the short term,” Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities, said.

The Qatar exchange index closed 0.85 per cent lower at 9,896.74.