|23 March, 2017

UAE indices in tight range as volumes tumble

UAE indices traded sideways yesterday with lack of volumes as traders awaited the first quarter results from early April.

Thursday, Mar 23, 2017

Dubai

UAE indices traded sideways yesterday with lack of volumes as traders awaited the first quarter results from early April.

The Dubai Financial Market General Index closed 0.38 per cent lower at 3,461.43.

“The near term trend shall turn up only if we manage to close over the 21-day moving average at 3,535,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.

Gulf Finance House closed 0.37 per cent lower at Dh2.66. Arabtec closed 2.8 per cent higher at Dh0.882. Emaar Properties closed 1.09 per cent lower at Dh7.25. Dubai Entertainments closed 0.97 per cent higher at Dh1.04.

Asmak closed 0.95 per cent lower at Dh2.08, after gaining 4.48 per cent in the previous session.

“The trend is turning up again in Asmak. The stock gave a bullish breakout over the sideways range resistance with volumes on the rise hints accumulation, it is expected to target Dh2.35/2.55 in the near term,” said Prakash.

Out of a total of 31 stocks, shares of 16 firms fell, while other 9 rose. The rest remained steady. Traded value stood at Dh231 million, compared to an average of over Dh300 million from the start of the week.

The Abu Dhabi Securities Exchange general index closed 0.30 per cent higher at 4,495.28.

“Traders may look to remain stock specific. If the support at 4,440 remains intact may ignite further recovery and fill the gap at 4,560 level,” Prakash said.

Ahead of the official merger, buying was seen in First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD).

NBAD closed 0.48 per cent higher at Dh10.55, while FGB ended 0.78 per cent higher at Dh13. Union Arab Bank closed 9.42 per cent lower at Dh1.73. Out of a total of 33 stocks traded on the exchange, shares of 13 firms fell, while other 12 rose.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.68 per cent higher at 6,878.68. The parallel market or Nomu index closed 0.92 per cent lower at 5,091.60.

The Qatar exchange index closed 0.47 per cent higher at 10,445.24.

By Siddesh Suresh Mayenkar Senior Reporter

Gulf News 2017. All rights reserved.

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