Realty shares weigh on Dubai index

BENCHMARK EARLIER ATTEMPTED TO BREACH LEVEL 5 TIMES SINCE MID-AUGUST

The Dubai index witnessed renewed selling pressure yesterday, pressured by weakness in real estate shares.

The Dubai index struggled at its 50-day moving average of 2,855. The index had earlier attempted to breach the important level five times since mid-August.

Drake and Scull closed 0.97 per cent higher at Dh0.416, after gaining more than 14 per cent in the previous session.

“As investors await Drake and Scull’s general assembly taking place on Thursday, postponed from last week, bets are that news of the decision have come out and there could possibly be rumours lifting the stock as it is inexplicable it secured a 15 per cent gain in the session whilst keeping in mind the company’s financial and operational statuses,” Issam Kassabieh, senior analyst with Menacorp. DXB Entertainments closed 4.16 per cent lower at Dh0.369.

The Abu Dhabi index was supported due to mild buying in Etisalat and First Abu Dhabi Bank.

The Abu Dhabi Securities Exchange index closed 0.15 per cent higher at 5,001.34.

“Abu Dhabi’s exchange is up again on banks as First Abu Dhabi Bank finds buyers again along with Abu Dhabi Commercial which is expected to post impressive third quarter results, and could possibly confirm a merger within the current quarter,” Kassabieh said.

Dana Gas, which closed 1.67 per cent lower at Dh1.18, witnessed a bulk deal in Abu Dhabi. Aldar Properties witnessed its lowest level in 52-weeks of Dh1.73, and closed flat at Dh1.75.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.34 per cent higher at 8,008.55.

The Muscat MSM 30 index closed 0.43 per cent lower at 4,515.67.