Sunday, Sep 27, 2015
Dubai: Amid very low volumes, UAE indices closed a tad lower on Sunday after holidays, with investors waiting for third quarter results for direction.
The Abu Dhabi Securities Exchange General Index closed 0.43 per cent lower at 4,494.87, after moving in a tight range of 4,494.53-4,522.76, with shares worth of Dh72 million getting traded.
“Traders have not returned from their vacation and eve Saudi market is shut on Monday so we will see action only after a couple of days,” said Muhammad Shabbir, head of equity funds and portfolios at Rasmala Investment Bank, adding “middle eastern politics would be a factor to watch out for.”
Etisalat shares ended 0.35 per cent lower at Dh14.25, while Abu Dhabi Commercial Bank closed 0.91 per cent lower at Dh7.60. Aldar Properties closed 0.83 per cent lower at Dh2.40. Agthia Group also ended 2.20 per cent lower at Dh8.00.
On the technical front, MENACORP said in a report that “current trend behaviour on the Abu Dhabi index suggest that long term bullish scenarios will be on hold in the near future and traders should refrain from accumulating any new long term position. Our focus remains to be directed on the bearish side after we witnessed an aggressive breach of 4,500.”
Results eyed
Markets would remain in a range until the third quarter results from various companies in the UAE, Shabbir said, for investors to get an indication of any follow through impact of falling oil prices on the real economy.
On Friday, oil rose in New York, capping a weekly gain as falling US production signals coming relief from the global glut. West Texas Intermediate futures advanced 1.8 per cent after the US economy expanded more than previously forecast in the second quarter. Oil prices have fallen more than 50 per cent from the peak in 2014 due to excess supply amid falling demand.
Dubai
In Dubai, the general index closed 0.55 per cent lower at 3,612.70.
In the medium term, the market continues to range between the levels outlined at 3,762-3,240 where a break below 3,500 would signal strong bearish intentions, MENACORP said.
Emaar Properties closed 0.77 per cent lower at Dh6.45, while Arabtec closed 2.72 per cent lower at Dh1.79.
Damac Properties closed 1.26 per cent lower at Dh3.13. Dubai Parks and Resorts closed 0.84 per cent higher at Dh1.2.
Out of a total of 31 stocks traded on the exchange, 20 firms fell, while shares of 8 others rose.
Elsewhere in the Gulf, Muscat Securities MSM 30 index closed 0.17 per cent higher at 5,775.03. Markets in Saudi Arabia, Qatar, Kuwait and Bahrain remain closed for a religious holiday.
By Siddesh Suresh ?Mayenkar Staff Reporter
Gulf News 2015. All rights reserved.
