Dubai index sees sharpest fall in 2 weeks

SAUDI ARABIA’S TADAWUL INDEX BUCKS REGIONAL TREND TO CLOSE 0.27% HIGHER

UAE bourses witnessed selling yesterday due to renewed geopolitical tensions in the Middle East. The Dubai index reversed after gaining for three straight sessions.

The Dubai Financial Market General Index closed 1.23 per cent lower at 3,094.40, its sharpest fall in two weeks. The index shed 1.78 per cent on March 22.

Emaar Properties closed more than 2 per cent lower at Dh5.81. “Emaar Properties is currently at a very attractive PE ratio which was behind the buying volumes [on Wednesday]. EmaarMalls inched higher with its mother company and with hopes that the company’s newly opened Dubai Mall extension adds to the company’s revenues,” Menacorp said in a client note.

First Abu Dhabi Bank Securities’ senior technical analyst Shiv Prakash said traders may look to buy for the targets of Dh6.22 and higher with stops placed under the Dh5.75 level. Gulf Finance House closed more than 3 per cent lower at Dh1.29. Dubai Investments closed more than 2 per cent down at Dh2.06 while Air Arabia closed 0.8 per cent lower at Dh1.18.

The Abu Dhabi Securities Exchange general index closed 0.78 per cent lower at 4,653.03.

First Abu Dhabi Bank closed 0.15 per cent lower at Dh12.3. Taqa shares were flat at Dh1.05 while etisalat closed 0.2 per cent lower at Dh17.05.

“The trend is very bullish in Taqa and is headed for the next higher target zones of Dh1.12/1.23 in the near term,” Prakash said. Aldar Properties closed 0.04 per cent lower at Dh2.06.

Saudi Arabia’s Tadawul index bucked the weak regional trend and closed 0.27 per cent higher at 7,824.12. The Nomu index closed 1.55 per cent higher at 3,027.18.

Elsewhere in the Gulf, the Qatar exchange index closed 1.07 per cent lower at 8,918.48. The Muscat MSM 30 index closed at 4,776.55, down 0.27 per cent.

The Kuwait index closed 0.45 per cent higher at 6,633.44, while the Bahrain All Share Index closed 0.20 per cent higher at 1,291.45.