Sluggish Moves Continue On UAE Bourses

Dubai

Sluggish moves continued on UAE bourses on Sunday even as the global market participants digested the trade tariffs from the United States.

The Dubai Financial Market General Index closed 0.10 per cent higher at 3,212.03. Traded value tumbled to Dh129 million compared to an average of Dh272 million last week.

“There is lack of interest in UAE markets despite low valuations. There is a lot of uncertainty globally with trade tariffs now. The global backdrop has changed from supportive to being uncertain,” said Saleem Khokhar, head of equities at First Abu Dhabi Bank asset management group.

Ithmaar closed 6.52 per cent higher at Dh0.490, while Salama Bank closed 1.49 per cent lower at Dh1.32.

Dubai Islamic Bank closed 0.5 per cent higher at Dh5.64.

New catalysts?

“We are in dividend season, and it is quiet. There are no new catalysts. Our markets will remain sideways for the time being,” Khokhar said.

Traders have shown interest in specific stocks.

“Rak Properteis should remain on a bullish trend. It has published encouraging financial results and is on the rise unlike Emaar and Damac, which would indicate that the real estate investors are pulling out from their positions from the aforementioned stocks to enter Rak Properties after reports indicate that Dubai and Abu Dhabi real estate markets would continue to soften in the years to come, which is not in case of Rak,” Menacorp said in a note.

The Abu Dhabi Securities Exchange general index 0.21 per cent higher at 4,604.46. Rak Properties closed 1.19 per cent lower at Dh0.83.

Julphar Pharma closed more than 8 per cent higher at Dh2.39.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.57 per cent lower at 7,368.85, while the Nomu index closed 0.09 per cent lower at 3,155.54. The Qatar exchange index closed 0.89 per cent higher at 8,730.06. The Muscat MSM 30 index closed 0.17 per cent lower at 5,003.19.