Dubai index tight despite earnings

INSURANCE COMPANIES TAKE A BREATHER AFTER RISING IN THE PREVIOUS SESSION

Drake and Scull International (DSI) witnessed buying yesterday in a ranged Dubai market. Other regional indices fell by as much as half a per cent.

DSI closed 2.88 per cent higher at Dh0.715 and was the most active stock on the bourse, contributing to 26 per cent of the traded value, which was at Dh190 million.

The Dubai Financial Market (DFM) General Index closed 0.22 per cent lower at 2,913.14.

“The DFM’s liquidity remains low despite the earnings season kicking off with relatively positive results from the banking sector,” Essam Kassabieh, senior financial analyst at Menacorp, said.

In other stocks, Dubai Islamic Bank closed 0.40 per cent lower at Dh4.98. Emaar Properties closed 0.96 per cent lower at Dh5.15. Arabtec closed 1 per cent higher at Dh2.04. Aramex closed 3 per cent higher at Dh4.43.

Insurance companies took a breather after rising in the previous session.

“The upwards movement seen on the insurance sector was nothing more than speculation as investors closed their positions yesterday, dropping the insurance index,” Kassabieh said.

Dar Al Takaful closed more than 4 per cent lower at Dh0.805.

Results scheduled

The Abu Dhabi Securities Exchange general index closed 0.18 per cent lower at 4,738.59.

Etisalat closed 0.15 per cent lower at Dh17.15.

Aldar Properties closed flat at Dh2.06.

“In Abu Dhabi, volumes keep dropping as barely three stocks trade with significant volumes while the rest of the market remains docile,” Kassabieh said.

“We would expect focus to be on Emaar Properties and Drake and Scull along with Dubai Islamic Bank and Du which are scheduled to report results on Wednesday,” Kassabieh added.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.44 per cent lower at 8,453.15. The Qatar exchange index closed 0.10 per cent higher at 9,449.64.