Flourish Of Selling In Dubai, But Abu Dhabi Market Flat

Dubai: Fresh selling emerged on Dubai’s bourse on Monday as traders preferred to stay in cash due to a holiday in most of the markets overseas.

The Dubai Financial Market General Index closed 0.94 per cent lower at 3,106.95.

“The Dubai index is testing resistance at 3,150. We are waiting to see reversal signals in order to reinstate short positions, or alternatively the downward break of the 3,080 support level,” Menacorp said in a technical note.

Emaar Properties closed 2.56 per cent lower at Dh5.70.

Dubai Islamic Bank closed 1.85 per cent lower at Dh5.30.

DP World closed 0.58 per cent lower to reach $22.38. Deyaar Properties closed more than a per cent lower to Dh0.477.

In other stocks, Union Properties closed 0.45 per cent higher at Dh0.89. Gulf Finance House closed more than 2 per cent lower at Dh1.34.

The Abu Dhabi Securities Exchange general index closed 0.04 per cent lower to reach 4,581.62.

“The market is dominated with uncertainty. The occasionally prevailing trend lasts for a limited time and changes its direction too frequently. As long as the market remains unstable, we stay aside, waiting for the market to get back on track,” Menacorp’s note added.

Agthia closed 6.65 per cent higher at Dh4.49. Taqa closed 4.94 per cent higher at Dh0.85. RAK Bank closed more than 2 per cent at Dh4.5. United Arab Bank closed more than 5 per cent lower at Dh1.15.

ADNOC Distribution closed more than 1.87 per cent lower at Dh2.62.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.21 per cent lower at 7,784.50, continuing its losing streak for another session.

The Nomu index, however, closed 0.82 per cent higher at 2,936.73.

In the wider Middle East, the Egyptian Exchange’s EGX30 index stood 0.56 per cent lower at 17,693.85.

Meanwhile, Mubasher raised its price target by 6.6 per cent higher to 17,700 on the back of an expected interest rate cut of 2-3 per cent, and high government expenditure to benefit key selected sectors.