Dubai stocks traders eye results as small stocks still abuzz
Published: 16:08 January 19, 2017
Amanat and HITS Telecom were the most actively traded stocks in Dubai on Thursday even as the index closed steady.
Amanat closed 5.05 per cent higher at Dh1.040, while HITS Telecom closed more than 3 per cent lower at Dh0.864.
“The only stocks trading are small caps and are mostly driven by retail clients, and are used for buy and sell for trading purpose,” said Ahmad Waheed, Vice President — Institutional Desk, Almena Financial Brokers, adding “there was some profit-taking that was done from retail clients.”
Gulf Finance House closed less than a per cent lower at Dh2.12, easing from a 52-week high. Arabtec closed 1.45 per cent higher at Dh1.45. The Dubai Financial Market General index closed 0.10 per cent lower at 3,690.39.
Out of a total of 37 stocks, about shares of 20 firms fell, while other 17 rose. The rest remained steady.
The Abu Dhabi Securities Exchange general index closed 0.19 per cent higher at 4,704.70. Manazel Real Estate closed 14 per cent higher at Dh0.65. First Gulf Bank closed 0.75 per cent higher at Dh13.50. Sharjah Islamic Bank closed 2.01 per cent higher at Dh1.52. Rak Properties closed 5.33 per cent higher at Dh0.79. Agthia closed 1.43 per cent lower at Dh6.90. Abu Dhabi Islamic Bank closed 2.32 per cent lower at Dh3.79. Agthia closed 1.43 per cent lower at Dh6.9.
Out of a total of 29 stocks traded on the exchange, shares of 11 firms rose, while other 8 fell. The rest remained steady.
“We are clearly looking at results. We are looking at international markets for direction,” Waheed said, adding “results are going to be key factor for Saudi Arabia and UAE.”
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.17 per cent higher at 6,865.30. The Qatar exchange index closed 0.56 per cent higher at 10,941.43. The Muscat Securities MSM 30 index closed 0.23 per cent higher at 5,734.14. The Bahrain Bourse all share index closed 0.48 per cent higher at 1,239.74.