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UAE indices see mixed trend

Damac Properties saw a surprise surge in prices after witnessing first trade of 700,000 shares

Gulf News


UAE bourses witnessed a mixed trend on Tuesday even as traders awaited the last batch of fourth quarter results.

The Dubai Financial Market General Index closed 0.80 per cent higher at 3,341.46. Emaar Properties closed flat at Dh6.43, and was the most active stock in trade, contibruting to 13 per cent of the total traded value of Dh339 million.

Amanat closed 0.65 per cent higher at Dh1.50.

Dar Al Takaful almost hit a lower circuit and closed 9.84 per cent lower at Dh0.715. Emaar Malls closed 2 per cent higher at Dh3.56. Damac Properties saw an surprise surge in prices after open. The first trade was for 700,000 shares. However the stock fizzled out, giving up early gains to close at Dh3.3, up 2.17 per cent.

Al Salam Bank Bahrain closed 1.21 per cent higher at Dh0.501.

Potential breakout

The Abu Dhabi Securities Exchange general index closed 0.21 per cent lower at 4,600.40.

“On ADX, technicals are looking interesting with potential breakout at higher levels on stocks such as Taqa. The company reported an improvement in results following 2016 impairments, however fundamentals remain shaky,” Menacorp said in a note.

Taqa closed 3 per cent lower at Dh0.64. Taqa saw annual revenues of Dh16.7 billion in 2017, a rise of three per cent compared to its 2016 revenues. The firm turned in an annual net profit of Dh171 million, compared to a loss of Dh19 billion in 2016, due to a Dh22 billion exceptional impairment charge that year. Aldar Properties closed 0.44 per cent higher at Dh2.26. Waha Capital ended 1.4 per cent higher at Dh2.18. Abu Dhabi Commercial Bank closed 1.23 per cent higher at Dh7.39.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.22 per cent lower at 7,409.29. The Qatar exchange index closed 0.63 per cent higher at 8,987.51.

The Muscat MSM 30 index closed flat at 5,003.67.

Company Performance

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