Dubai index gains nearly 1% in subdued trade
ABU DHABI INDEX ALSO ENDS 0.22% HIGHER WITH ALDAR THE MOST ACTIVE STOCK
The Dubai index extended gains in a low volume trade as traders awaited fresh catalysts for direction. The Abu Dhabi index ended higher. The Dubai Financial Market General Index ended 0.82 per cent higher at 3,870.15, after trading in the range of 3,837.97-3,870.37. Volumes were a little over Dh400 million, almost half of the daily normal average.
“Turnover is still low as we have been in the range of 3,800-4,000 level,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.
Takaful-EM, which was the top gainer in trade, ended 7 per cent higher at Dh1.07. Mashreq, which was the second biggest gainer, closed 5.79 per cent higher at Dh128.
Emaar Properties, which was the most-active stock in trade, ended 1.34 per cent higher at Dh7.58. Damac ended 2.07 per cent higher at Dh2.96.
Out of a total of 36 stocks traded, shares of 22 companies rose, while shares of 10 fell.
The Abu Dhabi Securities Exchange General Index ended at 4,631.19, up 0.22 per cent. Aldar Properties ended 2.3 per cent higher at Dh2.67, making it the most active stock in trade. First Gulf Bank ended 0.28 per cent lower at Dh17.65. Agthia Group was the biggest gainer in trade, and ended 6.26 per cent higher at Dh6.79.
Of a total of 24 shares traded, shares of 11 companies rose, while shares of 8 fell.
“I would believe while we approach dividend distribution, we can see that more catalysts and international market strength can also support going forward. The first quarter results in April could also impact markets,” said Shurrab.
Investors have been ignoring strong fourth quarter results, even as sentiment remains