Dubai index falls with Emaar to fresh 52-week low

Dubai

Dubai index hit a fresh 52-weeks low along with shares of Emaar Properties on Thursday on the back of continued selling.

The Dubai Financial Market General Index hit a low of 2,870.07, before closing 0.27 per cent lower to 2,881.80. The index shed more than 2 per cent of its value in the previous session.

Emaar Properties fell below Dh5 level, its lowest level in 52 weeks.

Emaar Properties closed 1 per cent lower to Dh4.99, after hitting its lowest level in a year of Dh4.93.

Arabtec closed 8 per cent higher to Dh1.74 after the company posted solid results. Gulf Finance House closed at Dh1.47, up 4.26 per cent.

Drake and Scull closed 4 per cent higher to Dh1.10. Dubai Investments closed 0.56 per cent higher to Dh1.81. Traded value stood at Dh300 million. The Abu Dhabi Securities Exchange general index closed 1.09 per cent lower to 4,437.83.

First Abu Dhabi Bank closed 0.15 per cent lower to Dh11.45. Dana Gas closed flat at Dh1.01.

“Traders may look to hold Dana Gas and add further positions for a target of Dh1.15/1.22, with stops placed below Dh0.99 level,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.

Elsewhere in the Gulf, Saudi Arabia’s Tadauwl index was 0.54 per cent higher to 7,920.53.

Saudi Basic Industries closed 0.66 per cent higher to 114.60 Saudi riyals.

“Traders may go long in Sabic from current levels of 114.50 riyals for a target of 126 riyals in the short-term, but must have a protective stop loss placed under 112 riyals,” Prakash said.

The Qatar exchange index closed 0.85 per cent lower to 8,749.65. The Muscat MSM 30 index closed 0.11 per cent higher to 4,681.51.

The Bahrain all share index closed 0.02 per cent lower to 1,270.74.

The Kuwait bourse index ended 0.53 per cent to 4,884.25.