UAE traders were unwilling to place fresh positions, resulting in a sideways trend on the Dubai index on Monday.
The Dubai index has been trading sideways for the past four sessions. The index had been on a gaining streak since the past two weeks, gaining nine per cent till last Wednesday.
The Dubai Financial Market General Index closed 0.04 per cent higher at 2,643.51. Traded value fell to Dh162 million on Monday, compared to Dh200-300 million in the last few sessions, indicating declining interest.
Arabtec closed 0.92 per cent higher at Dh2.20. DP World closed 1.74 per cent higher at $16.33. Small stocks in the UAE are still struggling. Union Properties closed 1.04 per cent lower at Dh0.381. RAK Properties closed at Dh0.46, up 0.44 per cent. Gulf Finance House closed at Dh0.958, down 0.73 per cent.
The Abu Dhabi Securities General Index closed 0.37 per cent lower at 5,101.52. Etisalat closed 0.35 per cent lower at Dh16.88. Abu Dhabi Islamic Bank saw buying and then traded sideways. ADIB rose to a day’s high of Dh4.57, before closing 0.22 per cent higher at Dh4.51.
First Abu Dhabi Bank ended 0.40 per cent lower at Dh15.10. Going ahead, traders would watch for value buys.
“Investors watching UAE markets are currently on the hunt for bargains in a subtle sweeping manner which could explain the drop in volumes this week. The fact remains that cash is locked into banks and Emaar owned companies which have yet to declare any dividends (aside from Emaar Development),” Issam Kassabieh, Senior Financial Analyst, Menacorp said.
Emaar Malls closed 1.69 per cent lower at Dh1.75. Emaar Development closed 0.76 per cent lower at Dh3.93. Emaar Properties closed 0.41 per cent higher at Dh4.92. Bellwether Emaar Properties has been playing a prominent role in the recent recovery in Dubai index.
Saudi Arabia’s Tadawul index closed 0.37 per cent higher at 8,565.42. Traded value has fallen to 2 billion riyals compared 5 billion riyals a few weeks ago.
“A reduction in the daily Saudi inflows could be a positive indicator for UAE markets at this time,” Kassabieh said.
Dar Alarkan Real Estate Development Co. closed 2 per cent higher at 10.74 riyals. Al Rajhi Bank closed 0.60 per cent lower at 100.20 riyals. Alinma Bank
ended 0.25 per cent higher at 24.30 riyals. Saudi Kayan Petrochemical Co. closed 0.57 per cent higher at 14.08 riyals.
The Muscat MSM 30 index closed 0.37 per cent higher at 4,153.25. The Qatar exchange index closed 0.06 per cent higher at 10,118.10. The Kuwait all share index closed 0.44 per cent higher at 5,549.58.
The Bahrain all share index closed 0.35 per cent lower at 1,412.58.