|
Dubai: UAE shares declined on the last day of the week yesterday following continuing volatility in global markets and Iran's missile tests adding to the tension in the region.
"The ongoing turmoil and the instability that you are seeing in the markets outside affect foreign investors more than the local ones," said Abdul Sherif Khalek, of Beltone Financial Securities.
"We don't see them liquidating, but we see some reducing in certain stocks."
The Dubai index fell 1.07 per cent to close at 5,347.84 with 23 stocks down. Retail traders were responsible for the day's only stock, Ajman Bank, posting gains. It added 1.53 per cent to Dh3.32.
Shuaa Capital shares sank 6.53 per cent to Dh7.01, leading the list of declining stocks.
Other stocks to lose included Air Arabia, Emaar Properties, Dubai Financial Market and Emirates NBD, shedding 3.47 per cent, 0.48 per cent, 2.37 per cent and 0.42 per cent, respectively.
"Technically also, Dubai market is not looking very good," Khalek added. "Most of technical analysts saw the support level as 5,400, which was broken and now the next support level is 5,200.
"Somehow 5,400 is acting as a minor resistance now. So in order to see an up trend we have to break the 5,400 with high volumes. This is not happening."
With energy and real estate stocks weighing on the Abu Dhabi market, the index retreated 0.19 per cent to end at 4,996.50. Dana Gas fell 1.55 per cent and Abu Dhabi National Energy shed 2.99 per cent.
Sorouh Real Estate and Aldar Properties lost 0.18 per cent and 0.25 per cent respectively.
First Gulf Bank declared its second quarter profit soared 70 per cent, which helped its shares gain 6.55 per cent to Dh27.65.
|
