Dubai: Heavyweights like Emaar Properties and Dubai Islamic Bank weighed on the Dubai index on Sunday, after a strong weekly performance on the back of new rules from the government on visa and ownership rules.
Emaar Properties closed 1.35 per cent lower to Dh5.12, while Dubai Islamic Bank (DIB) closed 0.63 per cent lower to Dh4.75. Both Emaar and DIB have about 31 per cent weight on the gauge.
The Dubai Financial Market General Index closed 0.76 per cent lower to 2,932.09, after gaining as much 100 points in the previous week.
“The UAE markets ended on a positive note as the announcement of the 10-year visa to international investors and talented professionals, coupled with increasing foreign ownership to 100 per cent, lifted the markets higher, specifically real estate sector stocks,” Al Masah Capital said in a note.
In other stocks in Dubai, Ithmaar fell 2.53 per cent to close at Dh0.423. Drake and Scull closed 1.69 per cent higher to Dh1.20. Dubai Entertainments closed 1.42 per cent higher to Dh0.430 while Gulf Finance House closed 0.69 per cent higher to Dh1.45.
Subdued
“Geopolitical tensions and the recent volatility in oil prices will have their effects on investors’ sentiments in the regional markets, leaving trading activity subdued in the coming period,” the note from Al Masah Capital added.
Trading value have plummeted in Dubai. Traded value fell to Dh156 million from an average of Dh200-250 million last week.
The Abu Dhabi Securities Exchange general index fell more than 1 per cent as banking stocks weighed. The index closed 1.4 per cent lower to 4,536.82.
First Abu Dhabi Bank closed 0.35 per cent lower to Dh12.05, while Abu Dhabi Commercial Bank closed 0.11 per cent lower to Dh7.05. Etisalat closed flat at Dh15.80.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.68 per cent lower to 7,983.39.
The Qatar exchange index closed 0.62 per cent lower to 8,992.81.
