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Dubai index sluggish amid falling volumes

Arabtec shares closed nearly 7% higher as nervy traders were unsure about the next move

Gulf News

Dubai:

Dubai index continued to move in a narrow range on Monday amid a continued fall in traded value compared to last week’s averages as traders awaited fresh leads on the micro and macro front.

The UAE markets have lost volume in the past week from a high of Dh1.5 billion in the past few weeks to Dh300 million.

The Dubai Financial Market General Index closed 0.38 per cent higher at 3,556.82.

“There was nothing new for markets to price in. It’s too early to price in first quarter results, and there’s nothing new on the macro level,” said Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities.

Arabtec closed 6.38 per cent higher at Dh0.934, after rising as much as Dh0.97 or more than 10 per cent.

“The rally in Arabtec didn’t last, and the stock lost some ground towards the end of the day, so that would mean that there is no real conviction of what to do next,” Manibhandu added.

Arabtec share was actively traded on the bourse, with the stock contributing to 24 per cent of the total volume of Dh395 million.

“Unless there is news, we are going to see the same range in Arabtec like the past few sessions, and it will stay below par for a few more days,” Manibhandu said.

Dubai Entertainments closed more than 1 per cent higher at Dh1.010. Gulf Finance House closed 1.95 per cent lower at Dh2.51. Air Arabia closed less than a per cent lower at Dh1.22. Out of a total of 35 stocks traded on the exchange, shares of 18 firms fell, while the other 12 rose, the rest remained steady.

The Abu Dhabi Securities Exchange general index closed 0.86 per cent higher at 4,604.27.

Etisalat closed 2.85 per cent higher at Dh18, while National Bank of Abu Dhabi closed 1.91 per cent higher at Dh10.65. Ahead of a possible hike in interest rate from the US Federal Reserve, traders would watch out for stocks which would go ex-dividend.

“Unless you want to hold the stocks before the dividend, you are going to keep away. There is nothing new at the micro or macro level,” Manibhandu said.

“The stocks which will go ex-dividends in coming days would be something to watch out for, but the question is whether they will adjust according to the dividend or more than that...,” he added.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.12 per cent higher at 6,976.35, while the parallel market index closed more than 1 per cent lower at 5,841.79. The Qatar exchange index closed 0.92 per cent lower at 10,622.54.

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