Dubai bourse takes a hit in traded value

05/04/2018 06:17 AST

Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results starting next week.

Traded value fell to Dh156 million compared to an average of Dh248 million last week. The Dubai Financial Market General Index closed 0.30 per cent lower at 3,091.15.

Emaar Properties closed 0.53 per cent lower at Dh5.61. DP World closed 1.83 per cent lower at $21.50. Gulf Finance House closed 0.75 per cent lower at Dh 1.32. "The resistance at Dh0.49 holds strong on DXB Entertainments, the trend is expected to remain bearish towards the next lower support level at Dh0.38/0.36," Shiv Prakash, senior analyst with First Abu Dhabi Securities Exchange, said.

Emirates NBD and DFM shares will be closely watched as the stocks will go ex-dividend from Thursday.

Abu Dhabi

The Abu Dhabi Securities Exchange general index closed 0.52 per cent higher at 4,608.97.

"The index is holding strong over the support level of 4,490. Overall, the index may move sideways with support at 4,490 and resistance at 4,660," Prakash said. Shares of Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Sharjah Islamic Bank (SIB) and Abu Dhabi Islamic Bank (ADIB) surged. ADCB closed 0.76 per cent higher to Dh6.6, SIB closed 2.42 per cent higher to Dh1.27 and ADIB closed 0.5 per cent higher at Dh3.91.

Waha Capital closed 3 per cent lower at Dh1.94.

"The trend in Waha is down and any corrective bounce if seen may face renewed selling pressure with lower target seen at Dh1.70," Prakash said. Elsewhere in the Gulf, Saudi Arabia's Tadawul index closed 0.92 per cent higher at 7,871.67. The Qatar exchange index closed 0.16 per cent lower at 8,707.67. The Muscat MSM 30 index closed 0.41 per cent higher at 4,794.61. The Bahrain all bourse index closed 0.61 per cent lower at 1,282.68.

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