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Dubai index hold gains with Emaar Properties

Saudi Arabia’s Tadawul index leads regional losses with 1 per cent fall

Gulf News

Dubai: The Dubai index on Wednesday held on to gains registered in the past few sessions along with shares of Emaar Properties, among others.

The Dubai Financial Market General Index closed 0.18 per cent lower to 2,931.59. Emaar Properties closed 0.58 per cent higher to Dh5.19. Arabtec closed more than 3 per cent higher to Dh1.91. Dubai Islamic Bank rights traded at $1.63, down more than 10 per cent.

“Dubai Islamic’s rights issue trading could create movement in the market especially that the bank’s recent earnings were impressive and could shed light on to its potential with a larger capital,” Menacorp said in a morning note.

Dubai Islamic Bank closed more than 1 per cent lower to Dh4.83.

Emaar Development closed 0.18 per cent higher to Dh5.57 after the MSCI decided to add the stock to its emerging market index by the end of this month.

“The decision moved Emaar Developments upwards as it did its mother company, thus lifting the index higher with some help from Dubai Investments, which rebounded from two-year lows,” Menacorp said.

DFM shares closed 1.61 per cent higher to Dh1.01. Drake and Scull International closed 0.83 per cent lower to Dh1.19. Traded value was at Dh300 million.

The Abu Dhabi Securities Exchange general index closed 0.07 per cent lower to 4,467.43. Union National Bank closed 3.38 per cent higher to Dh3.67. Abu Dhabi Islamic Bank closed 1.33 per cent higher to Dh3.82. Waha Capital closed half a per cent higher to Dh1.73. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed more than a per cent lower to 7,958.47. Dar Alarkan Real Estate Development Co. closed 5.58 per cent lower to 11.16 riyals. Alinma Bank closed 1.42 per cent lower to 20.20 riyals. Saudi Kayan Petrochemical Co. closed more than 2 per cent lower to 13.80 riyals.

The Qatar exchange index closed 0.30 per cent higher to 8,950.60.

The Muscat MSM 30 index closed at 4,653.78, down 0.66 per cent.

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