Traded value on Dubai bourse tumbled again to Dh88 million on Tuesday, indicating continued sluggishness.
The Dubai Financial Market General Index closed 0.33 per cent lower to 3,140.48. Traded value stood at Dh88 million compared to more than Dh100 million in the previous session.
“Markets have been lacklustre. People are just waiting on the sidelines looking how things develop on the global front,” said Saleem Khokhar, head of equities at First Abu Dhabi Bank asset management group.
Emaar Properties closed at Dh5.88, down 1.67 per cent. Dubai Islamic Bank closed 0.18 per cent lower to Dh5.61. Emaar Development closed 0.18 per cent lower to Dh0.18. Dubai Investments closed more than 1 per cent lower to Dh2.10.
The Abu Dhabi Securities Exchange general index closed at 4,682.27, down 0.37 per cent.
Sharjah Islamic Bank closed more than 10 per cent higher to Dh1.25. Julphar Pharma closed 6.82 per cent higher to Dh2.35. United Arab Bank closed 8.7 per cent lower to Dh1.05.
Traders will continue to look at the first quarter results for direction.
“Analayts are going to reset expectations based on first quarter results. In general, the petrochemical sector still looks positive due to strong product pricing and robust demand,” Khokhar said.
“We have Ramadan coming up and a long summer, so we expect more sluggishness. The positive catalysts are in Saudi because of the potential MSCI upgrade and rising oil prices,” he added.
Saudi Arabia’s Tadawul has been attracting liquidity as traders re-position themselves for a potential upgrade on the MSCI emerging index.
Saudi Arabia’s Tadawul index closed 0.81 per cent higher to 8,036.79, while the Qatar exchange index closed 0.72 per cent higher to 8,955.69. The Muscat MSM 30 index closed at 4,767.19, down 0.20 per cent.
The Bahrain All Share Index ended 0.54 per cent higher to 1,299.46.
The Kuwait Stock Exchange Index ended 0.45 per cent higher to 6,633.44.