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Emirates NBD weigh on Dubai index again

The Dubai Financial Market General index closed 0.52 per cent lower to 2,803.32

Gulf News

Dubai

Emirates NBD shares fell on Thursday, extending losses for another session, weighing on the wider Dubai index.

Emirates NBD closed at Dh8.90, down 1 per cent, and was the most active stock in trade contributing to 38 per cent of the total traded value.

“Further selling on Emirates NBD and select underperformers has been pushing the Dubai index lower,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.

The Dubai Financial Market General index closed 0.52 per cent lower to 2,803.32. The total traded value stood at Dh150 million.

“The trend remains bearish and the index may eye 2,800/2,740 in the near term,” Prakash said.

In other stocks, Emaar Properties closed 0.20 per cent lower to Dh5.01. Dubai Islamic Bank closed 1.19 per cent lower to Dh5.00. Emaar Malls closed nearly 1 per cent lower to Dh2.04. DP World closed 0.92 per cent higher to $21.90.

The Abu Dhabi Securities Exchange general index closed 0.42 per cent higher to 4,906.87. Dana Gas closed 1.8 per cent higher to Dh1.13. Taqa closed 6.19 per cent higher to Dh1.13.

“The trend is bullish in Abu Dhabi index and may head towards the 5000 mark in the coming weeks,” Prakash said. Waha Capital closed 1.62 per cent lower to Dh1.82. Etisalat closed flat at Dh16.9.

“Etisalat is trading just over the ascending channel support, may attract renewed buying and recover towards the previous highs of Dh17.40/18.00 in the short term,” Prakash said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.02 per cent higher to 7,867.16.

Saudi Basic Industries Corp closed 0.65 per cent lower to 123 riyals. Alinma Bank ended 0.28 per cent higher to $21.84. National Commercial Bank closed flat at 41.45 riyals.

The Muscat MSM 30 index closed 0.02 per cent higher to 4,390.45. The Qatar exchange index closed 0.81 per cent lower to 9,556.64.

The Kuwait index closed 0.05 per cent higher to 5,208.54.

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