Dubai index eases from 2015 high, Abu Dhabi ends higher

DFM CLOSES 0.48% LOWER ON PROFIT-TAKING WITH FURTHER DECLINES SEEN IN SHORT TERM

The Dubai index eased yesterday from its highest level in 2015 as investors resorted to profit-taking. The Abu Dhabi index, however, ended a tad higher.

The Dubai Financial Market General Index ended 0.48 per cent lower at 4,151.93, after gaining more than 2 per cent in the previous session.

“Dubai index may come down more as markets have been strong of late,” said Mohammad Shabbir, head of equity funds and portfolios at Rasmala Investment Bank.

Gulf Finance House ended 1.65 per cent lower at Dh0.714 after gaining more than 10 per cent in the previous session. Damac Properties ended 1.81 per cent lower at Dh3.26. Union Properties ended 1.32 per cent lower at Dh1.49 ahead of its annual meeting.

“Gulf Finance House may rebound above Dh1 during this week,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Shares of Dubai Financial Market ended more than 2 per cent lower at Dh2.11, after the exchange posted a 69 per cent fall in first quarter net profits. The bourse however expects a favourable outlook going ahead.

Dubai Investments ended 0.69 per cent higher at Dh2.870. “Dubai Investments shares may touch the resistance level of Dh3.17 within two weeks,” Al Ashri said.

Out of a total of 34 shares traded on the exchange, shares of 22 companies fell, while shares of 9 companies rose.

Abu Dhabi Securities Exchange General Index, however, ended 0.17 per cent higher at 4,674.16. There could be more consolidation between 4,6004,780, Al Ashri said.

“Investors have been on wait-and-see mode as they move into summer months and pre-Ramadan period,” Rasmala’s Shabbir said.

Shares of Dana Gas ended more than 6 per cent higher at Dh0.510, while Union National Bank ended 4.38 per cent higher at Dh6.67.

Out of a total of 31 companies traded on the exchange, shares of 16 companies fell, while shares of 9 companies rose.

Saudi’s Tadawul All Share TASI Index was 0.17 per cent lower at 9,708.89.

“Saudi index may be rangebound as still there is time for markets to open,” Shabbir said.

Saudi Basic Industries was 1.64 per cent higher at 102 Saudi riyals, while oil shipper Bahri dropped 2.6 per cent after jumping 6.8 per cent in the two previous sessions.

Sabic may hit a target of 107.75 Saudi riyals within one month, Al Ashri said.

Qatar ended 1.26 per cent higher at 12,192.21, while Muscat ended 0.25 per cent lower at 6,330.52. Kuwait ended 0.25 per cent higher at 6,356.60.

Ahmed Ramzan/Gulf News Archive Cashing in An investor at the Dubai Financial Market. The market dropped 0.48% as investors looked to book profits from its highest level so far this year.