Sellers hold edge on UAE bourses

DUBAI INDEX HAS BEEN LANGUISHING BELOW 50-DAY MOVING AVERAGE OF 2,805

Sellers had an upper hand in trade yesterday as oil prices tumbled more than 5 per cent. The Dubai Financial Market General index closed 0.55 per cent lower at 2,738.01. The index has been languishing below the 50-day moving average of 2,805.

In stock-specific action, Gulf Navigation, which witnessed record trading volume, closed 3.57 per cent lower at Dh1.08.

“Gulf Navigation, the underperforming stock which had increased capital at the beginning of this year, managed to attract trading as major direct deals were announced on the stock before market opening (on Tuesday). It is safe to say that speculators and traders alike are eyeing movement of larger investment firms and that of funds for indication of what to invest in,” said Essam Kassabieh, senior analyst with Menacorp. Emaar Properties closed 2.99 per cent lower at Dh4.87. Emaar Development closed flat at Dh5.25.

“Investors could look at Emaar Development’s dividend as a way for the holding company to distribute dividends of its own after being criticised for its dividend yield earlier this year,” Kassabieh said.

Air Arabia closed more than 3 per cent lower at Dh1.82. The Abu Dhabi Securities Exchange general index closed 0.89 per cent lower at 4,926.29.

First Abu Dhabi Bank closed 1.77 per cent lower at Dh14.44. Aldar Properties was 1.18 per cent lower at Dh1.67.

Saudi market

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index wobbled in positive and negative zone after the index wiped off almost all gains registered so far in the year on possible implications post the death of journalist Jamal Khashoggi.

Saudi Basic Industries Corp. was 0.49 per cent lower at 122.60 Saudi riyals.