Union Properties shares jump in steady Dubai market

Thursday, Aug 17, 2017

Dubai

Union Properties rose, extending gains for another session as traders resorted to bargain buying in a steady Dubai market.

Union Properties shares closed 3.73 per cent higher at Dh0.861. Gulf Finance House closed 2.78 per cent higher at Dh1.85, after gaining 2.86 per cent in the previous session. “We are coming at the end of the results season. They have nothing to price in. We see slowing markets unless there is new news,” said Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities.

Emaar Properties closed 1 per cent higher at Dh8.44. Drake and Scull closed 6 per cent higher at Dh0.391.

Traded value has been on the lower side due to lack of fresh leads. Traded value fell to Dh290 million on Thursday, compared to more than Dh300 million a weeks ago.

“Volumes will pick up in the second half of September,” Manibhandu said, adding “we will be talking about the global macro. It’s will be a bit boring.”

A few months ago, traded value jumped to more than Dh1 billion on trading activity in smaller stocks like Gulf Finance House, Shuaa Capital, along with Eshraq Properties, among others. But that activity has died down. Shares of Tabreed and Emaar stirred up the market recently.

The Abu Dhabi Securities Exchange general index closed 0.1 per cent lower at 4,492.66.

Abu Dhabi Commercial Bank closed 0.69 per cent lower at Dh7.20. Union National Bank close nearly 1 per cent lower at Dh4.37.

Dana Gas closed 3.23 per cent lower at Dh0.60. Aldar Properties closed 0.43 per cent lower at Dh2.32. Dana Gas closed 3.23 per cent lower at Dh0.60.

In the rest of the Gulf, Saudi Tadawul index closed 0.76 per cent higher at 7,179.34. Dar Alarkan Real Estate Development Co closed 1.43 per cent higher at 6.38 Saudi riyals. The Kuwait Market Price Index closed on a positive note at 6,886 points, up 0.46 per cent. About 107 stocks advanced while 35 declined on the index. The Financial Services Index witnessed the highest volume traded.

Zain was the top gainer, ending up 0.59 per cent, closing at 0.508 Kuwaiti riyals. Aubk Bahrain was the top loser, down 0.92 per cent, closing at 0.215 dinars.

The Qatari exchange index closed 0.93 per cent higher at 9,106.19. The index has been the worst performer in the region, with 12.75 per cent losses so far in the year.

The Muscat MSM 30 index closed 0.47 per cent lower at 4,889.28.

By Siddesh Suresh Mayenkar Senior Reporter