Dubai: Selling was seen in select counters in Dubai, while the Abu Dhabi index found itself weighed down by weakness in First Abu Dhabi Bank (FAB) stocks.
Shares of Emaar Properties, Emaar Development, Tabreed, Shuaa Capital, Arabtec, Gulf Finance House (GFH) fell between 0.1 and 1 per cent in trade, while Ithmaar tumbled nearly 10 per cent.
The Dubai Financial Market (DFM) General Index closed 0.05 per cent lower at 3,204.91, recovering from an intra-day low of 3,184.88 due to a partial recovery in Emaar Properties.
Emaar Properties slipped 0.16 per cent to close at Dh6.23 while GFH closed 1.39 per cent lower at Dh1.42. Emaar Development fell 1.14 per cent to close at Dh5.20.
“Most of the stocks saw renewed selling pressure from the 50-day moving average levels, creating pressure on the index. Traders may look to sell [during a] rally and buy... back from the lower support zone,” Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities (FABS) said in a note.
Al Salam Bank closed at Dh1.39, down more than 2 per cent.
“The stock may gradually head higher towards the higher target zone at Dh1.56/2.00 in the medium term,” Prakash said.
In other stocks, DP World closed 1.39 per cent lower at $24.06 (Dh88.37).
The Abu Dhabi Securities Exchange (ADX) General Index witnessed weakness because of First Abu Dhabi Bank, which went ex-dividend on Tuesday, with the index closing 1.87 per cent lower at 4,523.49.
FAB closed 6.47 per cent lower at Dh10.45 while Etisalat headed the other way, closing 2 per cent higher at Dh17.75.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul All Share Index closed 0.96 per cent higher at 7,437.61.
“Closer to April, the markets are expected to see some movement due to dividend releases. However, without further stimulus in the upcoming week to Ramadan, the low trading volumes will persist till the end of the third quarter. Stocks are attractive levels but due to low liquidity. As a result of unfavourable investor sentiment, a green index is not being seen,” Menacorp said in a note.
