Dubai: UAE indices were sideways on Sunday with normal traded value falling by half even as fourth-quarter results resulted in stock-specific movement last week.

The Dubai Financial Market (DFM) General Index closed 0.53 per cent lower at 3,512.33, with total traded value falling to Dh277 million, compared to an average of Dh500 million recorded daily.

The Abu Dhabi Securities Exchange (ADX) General Index closed 0.23 per cent higher at 4,636.22.

Emaar Properties ended less than a per cent lower at Dh7.28 while Dubai Islamic Bank eased 0.31 per cent to close at Dh6.53. Emaar Malls closed 2.5 per cent lower at Dh2.32.

“Emaar Malls’ strong resistance is at Dh2.40, the stock needs to cool down after the rally last week and could fall back to the Dh2.25 which could serve as a good buying opportunity,” said Hesham Khairy, head of Institutional Trading at Menacorp.

Union Properties closed 0.40 per cent higher at Dh0.994.

In other stocks, Khaleeji Commercial Bank (KHCB) closed more than 3 per cent higher at Dh1.19 while Salam Bank gained 2.4 per cent to close at Dh1.25. In Abu Dhabi, Aldar Properties closed 0.05 per cent higher at Dh2.33.

“Aldar’s next resistance is at Dh2.34/2.40, [the] stock is lagging [behind the] rest of the real estate sector and could be a good buy here,” Khairy said.

Union National Bank closed 0.5 per cent lower at Dh3.95.

“UNB has seen some buying activity lately, [the] bank is lagging [behind the] rest of the sector and could have a strong move if it reports strong numbers, [it] could target the Dh4.20 mark,” Khairy said.

Adnoc Distribution closed 0.08 per cent higher at Dh2.73. Goldman Sachs initiated a stock with ‘buy’ rating in its January 18 report and forecast a 12-month price target of Dh3.31.

Outlook

“We expect large banks to remain well bid over the coming sessions, while any further clarity on Emaar’s dividends and capex [capital expenditure] plan will dictate the short-term trading in the stock,” said Ankit Gupta, vice-president at Shuaa Capital.

Banks have reported better than expected fourth-quarter results on the back lower impairments and higher interest rates.

In other markets on Sunday, Saudi Arabia’s Tadawul index closed 0.34 per cent lower at 7,513.30 while the Qatar Exchange index closed 0.49 per cent lower at 9,145.44.

The Muscat MSM 30 index eased 0.90 per cent to close at 4,978.60. The Bahrain All Share index, however, bucked the regional trend to close 0.32 per cent higher at 1,335.92.

In the wider Middle East, the EGX 30 index closed 0.46 per cent lower at 15,339.91.