Dubai:
Dubai index fell another 1 per cent on Monday led by Arabtec amid low volumes. The Abu Dhabi index also fell marginally.
The Dubai Financial Market General Index ended 1 per cent lower at 3,788.87, after hitting a low of 3,753.15. Volumes fell to a little more than Dh400 million, nearly half of the average recorded daily volumes.
Arabtec fell nearly 3 per cent to end at Dh2.97, after reports of its 1 million home project being put on hold.
“There were concerns of how Arabtec could implement project worth $40 billion at a time when they have a huge backlog of projects elsewhere. It was taken negative as it was decreasing their backlog,” said Tariq Qaqish, head of asset management at Al Mal Capital.
Dubai Islamic Bank ended 0.30 per cent lower at Dh6.69, making it the third most active stock in trade. Emaar Properties, which has the highest weightage on the index, ended 0.27 per cent higher at Dh7.44.
The Abu Dhabi Securities Exchange General Index ended 0.44 per cent lower at 4,668.72. Aldar Properties ended steady at Dh2.62 per share, making it the most active stock in trade. First Gulf Bank ended 0.28 per cent lower at Dh17.75. Abu Dhabi Commercial Bank ended 0.65 per cent lower at Dh7.60. Rak Properties ended 3.90 per cent lower at Dh0.74.
Tadwul ends higher:
Saudi’s Tadawul ended 0.39 per cent higher at 9,389.38. Mobily or Etihad Etisalat, in which trading has been suspended since March 1, weighed on the index.
“The Mobily issue raises more corporate governance issues, and this would weigh on the sentiment due to a big weightage of the stock on the index,” said Qaqish.
Saudi Basic Industries Corp ended 0.31 per cent higher at 91.97 Saudi Riyals. Elsewhere, Qatar Exchange Index ended 0.04 per cent higher at 12,450.34. Muscat Securities MSM 30 index ended 0.16 per cent lower at 6,569.62.
Bahrain Bourse All Share Index ended 0.41 per cent lower at 1,470.31. Kuwait Stock Exchange Index ended 0.53 per cent lower at 6,547.08.
New catalyst:
“Market would stay in strict range with investors on the sidelines due to unavailability of new catalyst. The dividend would be a key trigger for stocks to move higher,” said Qaqish.
Some companies have been announcing robust dividends in the backdrop of falling oil prices.
For Mashreq Bank, March 2 was the last trading date to entitle for the cash dividend and bonus shares as well as Oman Insurance Company’s (OIC) cash dividend.