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Lacklustre trade seen on Dubai index as traders fret

Traders await listing of Ajman Bank’s rights issue on Wednesday

Gulf News

Dubai: The Dubai index witnessed another lacklustre trade, with traders sitting on the sidelines hoping for volumes to recover.

The Dubai Financial Market General index closed 0.12 per cent higher at 2,777.82. Traded value stood at Dh100 million against the daily average of Dh200-300 million.

This sideways movement was despite the release of third quarter results.

“Results season is here, however none have been reported yet and investors’ sentiment is not as promising as capital markets hope with the real estate sector being monitored closely with earnings expected to turn out on the disappointing end,” Essam Kassabieh, senior analyst with Menacorp said.

Gulf Finance House closed 1.46 per cent lower at Dh1.35, while Emaar Properties closed 0.83 per cent higher at Dh4.88. DP World closed flat at $18.49. Dubai Islamic Bank closed 0.19 per rcent higher at Dh5.34.

Emirates NBD closed flat at Dh9.25 despite plans of the bank to list its 51 per cent unit Network International (NI).

Traders will await listing of rights issue of Ajman Bank, which will list at Dh0.01. Traders are expected to speculate due to absence of circuit limits.

Ajman Bank will be tradable on the exchange between October 10 and 24.

Ajman Bank will increase its capital to Dh2.1 billion through issue of 419 million shares at Dh1 each.

The Abu Dhabi Securities Exchange general index closed 0.34 per cent higher at 5,020.52.

The Dubai Financial Market general index has been among the worst performing index regionally with 18 per cent loss since January. The Abu Dhabi index has gained more than 10 per cent during the same period.

“Global markets are having their fair share of impact on local capital markets; however, as local markets develop new ways and strategies to attract investors and retain them, sentiment will improve,” Kassabieh said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.43 per cent lower at 7,904.74. The Muscat MSM 30 index closed 0.27 per cent higher at 4,517.38O.

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