Traded value tumbles on Dubai bourse

Dubai: Traded value tumbled fell 80 per cent in Dubai compared to last week’s average on Monday as traders resorted to selling at every recovery.

The Dubai Financial Market (DFM) General Index closed 0.29 per cent lower at 3,183.41 on Monday, with traded value falling to Dh186 million, far lower than the seven-day average of Dh335 million.

The index has been struggling to stay above the important 3,200 level.

Dubai Islamic Bank (DIB) shed more than 2.51 per cent to close at Dh5.44 while Damac Properties eased 0.32 per cent to end the day at Dh3.11. Gulf Finance House fell 0.68 per cent to close at Dh1.45.

DP World was up 1.44 per cent to $23.89, Emaar Development rose 2 per cent to Dh 5.39, while Emaar Properties inched up 0.51 per cent to close at Dh5.88.

“Emaar Malls has set a BOD [board of directors] meeting for March 22 and has mentioned a dividend proposal which could boost the price,” Menacorp said in a note.
The Abu Dhabi Securities Exchange (ADX) General Index closed 0.21 per cent higher at 4,542.53.

Etisalat closed 0.1 per cent higher at Dh17.85, while Adnoc Distribution went the other way, falling 0.38 per cent to close at Dh3.42. RAK Cements closed 6.58 per cent higher to Dh0.81.

“This week has just become very interesting as DSI announced its first BOD meeting will be held this Thursday, in addition to GFH [Gulf Finance House] and AirArabia’s ex-dividends being this week. The following should fuel speculative trading over the next three days,” the Menacorp note added.

Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index closed 0.23 per cent lower at 7,710.57 while traded value jumped to 3.9 billion riyals.

The Qatar Exchange index closed 0.99 per cent higher at 8,889.92 while the Muscat MSM 30 index closed more than 1 per cent lower at 4,832.54.

The Kuwait index closed at 6,724.63, down 0.49 per cent, while the Bahrain All Share Index closed 0.32 per cent lower at 1,348.21.

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