Dubai index sees sharpest fall in 2 weeks

Dubai:

UAE bourses witnessed selling on Thursday due to renewed geopolitical tensions in the Middle East. Dubai index reversed after gaining for three straight sessions.

The Dubai Financial Market General Index closed 1.23 per cent lower to 3,094.40, its sharpest fall in two weeks. The index shed 1.78 per cent on March 22.

Emaar Properties closed more than 2 per cent lower to Dh5.81. “Emaar Properties is currently at a very attractive PE ratio which was behind the buying volumes (on Wednesday). EmaarMalls inched higher with its mother company and with hopes that the company’s newly opened Dubai Mall extension adds to the company’s revenues,” Menacorp said in a client note.

First Abu Dhabi Bank Securities’ senior technical analyst Shiv Prakash said traders may look to buy for the targets of Dh6.22 and higher with stops placed under the Dh5.75 level. Gulf Finance House closed more than 3 per cent lower to Dh1.29. Dubai Investments closed more than 2 per cent to Dh2.06. Air Arabia closed 0.8 per cent lower to Dh1.18.

The Abu Dhabi Securities Exchange general index closed 0.78 per cent lower to 4,653.03.

First Abu Dhabi Bank closed 0.15 per cent lower to Dh12.3. Taqa shares were flat at Dh1.05. Etisalat closed 0.2 per cent lower to Dh17.05.

“The trend is very bullish in Taqa and is headed for the next higher target zones of Dh1.12/1.23 in the near term,” Prakash said.

Aldar Properties closed 0.04 per cent lower to Dh2.06.

Saudi Arabia’s Tadawul index bucked the weak regional trend and closed 0.27 per cent higher to 7,824.12. The Nomu index closed 1.55 per cent higher to 3,027.18.

Elsewhere in the Gulf, the Qatar exchange index closed 1.07 per cent lower to 8,918.48. The Muscat MSM 30 index closed at 4,776.55, down 0.27 per cent.

The Kuwait index closed 0.45 per cent higher to 6,633.44, while the Bahrain All Share Index closed 0.20 per cent higher to 1,291.45.