Dubai Financial Market Dubai Financial Market

2,713.05 -0.88 -0.03 %

Mild selling seen on DFM

(12/6/2017 6:05:00 AM)

Stocks on the Dubai bourse witnessed mild selling on Tuesday even as traded value tumbled compared to last week.

Gulf Finance House closed 2.96 per cent lower at Dh1.64. Drake and Scull closed 1.58 per cent lower at Dh1.87. Emaar Properties closed 1.80 per cent lower at Dh7.62. Dubai Investments closed 2 per cent lower at Dh2.35. About 26 shares closed in the negative zone out of a total of 36 shares. Dubai Islamic Bank, which was one of the other 4 stocks that ended in positive, closed 0.17 per cent higher at Dh6.06. The Dubai Financial Market General Index closed more than 1 per cent lower at 3,393.74.

“Dubai index needs to either break the 3,490 to the upside to confirm a reversal or break the 3,380 to the downside to have another leg lower and continue its current downtrend,” said Hisham Khairy, head of institutional trading at Menacorp.

Traded value stood at Dh279 million, compared to Dh800 million on Thursday. The Abu Dhabi Securities Exchange general index closed 1.46 per cent lower at 4,263.62. “ADX had a better performance on Monday mainly on FAB’s strength and rebounded from the 4,265 support area that has been holding the index for the past 10 sessions,” Khairy said in a note.

Etisalat, First Abu Dhabi Bank closed lower at Dh16.3, and Dh10.1 respectively. Aldar Properties closed lower at Dh2.18. In other Gulf markets, the Saudi’s Tadawul index closed 0.56 per cent lower at 7,062.96. The materials and energy index closed lower. Alinma Bank closed 0.78 per cent lower at 17.90 Saudi riyals. Saudi Basic Industries Corp. closed flat at 101.20 riyals. The Muscat MSM 30 index closed 0.06 per cent higher at 5,109.620. The Qatar exchange index closed 0.23 per cent lower at 7,912.48. The Bahrain all share index closed 0.15 per cent lower at 1,272.27.