Dubai: Buying in Dubai Islamic Bank (DIB) after the rights issue and Emaar Properties helped the Dubai index on Sunday, while the Abu Dhabi index fell due to selling in banking shares.
The Dubai Financial Market general index closed 0.78 per cent higher to 2,987.25. DIB closed 2.76 per cent higher to Dh5.21. Emaar Properties closed 2.12 per cent higher to Dh5.31, after the stock shed 17 per cent since the start of the year. Emaar Properties has underperformed the Dubai index, which has shed more than 10 per cent since January.
Selling was seen in Emaar Development, indicating that traders may be shifting to Emaar Properties, which has been perceived as an undervalued stock. Emaar Development closed 3.40 per cent lower to Dh5.12. Air Arabia closed more than 2.5 per cent lower to Dh1.13.
Trading value, which continued to tumble for another session, fell to Dh195 million from Dh200-250 million last week.
“The coming period will be affected by the aftermath of the MSCI rebalances that took place at the end of last week, coupled with Ramadan and the upcoming holiday season. Regional markets are likely to experience a subdued trading activity,” Al Masah Capital said in an emailed note.
Abu Dhabi
The Abu Dhabi index closed 0.85 per cent lower to 4,566.05.
Taqa shares closed 8 per cent lower to Dh1.15. Etisalat closed more than 1 per cent lower to Dh16. First Abu Dhabi Bank closed more than 1 per cent weaker to Dh12.15. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index jumped nearly 2 per cent after Ahmad Al Rajhi, who is the son of the founder of Al Rajhi Bank, was appointed as minister for labour and social development. The Tadawul rose 1.83 per cent higher to 8,310.35.
Al Rajhi Bank was 4.91 per cent higher to 89.70 Saudi riyals while Alinma Bank was 2.2 per cent higher to 21.54 riyals. The Muscat MSM 30 index closed 0.10 per cent lower to 4,602.08.
