UAE stocks end mixed in trade as Greece eyed

Monday, Jul 06, 2015

Dubai: Dubai and Abu Dhabi stock indices ended mixed on Monday with investors keenly eyeing the developments in Greece in absence of any major domestic triggers.

The Dubai Financial Market General Index ended 0.32 per cent lower at 4,055.82, after falling as much as 4,009.56 earlier in trade.

“The weakness in Dubai reflected the seen in European markets. It’s a very fluid situation and it would continue to react to news coming out of Greece,” said Muhammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.

“Amlak is looking like an odd case, like what Arabtec was a year before. It is an expensive compared to the underlying,” he added.

Amlak shares ended 0.76 per cent higher at Dh2.65, and was the most active stock in terms of volumes in trade.

Gulf Finance House ended 0.69 per cent higher at Dh0.725, while Emaar Properties ended 0.39 per cent higher at Dh7.77.

Out of a total 34 stocks traded on the exchange, shares of 13 firms ended positive, while shares of 15 companies fell.

Volatility:

“Volatility would be the name of the game as for the time being there are no local catalysts in the market,” Shabbir said, adding “We might see some recovery towards the end of July, when people are back from their holidays.”

Also in Abu Dhabi, the general index ended 0.30 per cent higher at 4,751.72.

Etisalat Telecommunications ended 3.26 per cent higher at Dh14.25., while Abu Dhabi National Hotels ended 0.34 per cent higher at Dh2.91.

Dana Gas eased after gaining more than a per cent in the previous session. Dana Gas shares ended 1.72 per cent lower at Dh0.57. Abu Dhabi Commercial Bank ended 1.30 per cent lower at Dh7.60.

Saudi’s Tadawul index ended 0.32 per cent lower at 9,131.36. Saudi Ground Services ended 2.32 per cent lower at 73 Saudi Riyals, while Alinma Bank ended 0.57 per cent lower at 22.80 Saudi Riyals.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.34 per cent lower at 11,966.70, while Muscat Securities MSM 30 index ended flat at 6,435.04.

Kuwait Stock Exchange index ended 0.37 per cent lower at 6,167.40.

By Siddesh Suresh ?Mayenkar Staff Reporter

Gulf News 2015. All rights reserved.