Dubai Index Saved By ENBD, Tadawul Outperforms Regionally

Dubai

Emirates NBD saved the day for the Dubai index on Sunday, even as weakness continued in other stocks. Saudi’s Tadawul index jumped 1.7 per cent, outperforming regional peers.

The Dubai Financial Market General Index closed 0.97 per cent higher at 3,187.92. Emirates NBD shares closed 13.64 per cent higher at Dh10.

Emaar Properties received a boost during auction trade. A trade of 300,000 shares was seen during auction, bringing the total to 4.30 million shares.

Emaar Properties closed 1 per cent higher at Dh6.06.

In other stocks, Union Properties closed 1.56 per cent lower at Dh0.884, while Gulf Finance House closed 2.70 per cent lower at Dh1.44.

Arabtec closed 3.36 per cent lower at Dh2.36. Arabtec may lower towards the Dh2.30/2.20 in the short term, Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said a morning note, when the stock traded at Dh2.38.

Dubai Investment closed flat atDh2.17. “The trend shall continue to remain bearish and only a close over the neckline barrier of Dh2.28 shall be considered bullish,” Prakash said.

The Abu Dhabi Securities Exchange index closed 0.14 per cent higher at 4,533.52. Dana Gas closed flat at Dh0.77. Etisalat closed 0.15 per cent lower at Dh17.75. RAK Bank closed at Dh4.75.

“Rakbank’s activity last Thursday should be interpreted as exceptional market interest in the stock, as only large trades were made on the stock,” Menacorp said in a note.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.75 per cent higher at 7,694.40 as foreigners eye the market. The biggest contributor to the index was the energy and material stocks. Traded value came in at 4.4 billion Saudi riyals, compared to 1.5 billion riyals daily a few months ago.

Alinma Bank closed 2 per cent higher to 20.26 riyals.

The Qatar exchange index closed 0.67 per cent lower at 8,252.66. The Muscat MSM 30 index closed 0.48 per cent lower at 4,906.01.