Dubai stocks see slight profit-taking

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Dubai

About 22 stocks traded on the Dubai Financial Market (DFM) witnessed slight profit-taking on Wednesday after the index gained continuously for six out of eight sessions. However, Emaar Properties bucked the trend. The Dubai Financial Market general index closed 0.23 per cent higher at 2,918.38, after moving in a tight range. The index has gained more than 9 per cent after it breached the 50-day moving average.

Traded value stayed on the higher with shares worth Dh321 million that changed hands. Total traded value was more than double than the 30-day average of Dh125 million. Most of the support for the index came in from Emaar Properties. Dubai Investments closed more than 2 per cent lower at Dh1.37, Arabtec closed 2.21 per cent lower at Dh1.77. Gulf Finance House closed 2.19 per cent lower at Dh0.939.

The Abu Dhabi Securities Exchange general index closed 0.25 per cent lower at 5,317.90. Abu Dhabi Commercial Bank closed 0.22 per cent higher at Dh9. Etisalat closed 1.6 per cent lower at Dh17.24. Elsewhere in the Gulf, the Saudi Tadawul index closed 0.10 per cent lower at 8,732.62. The Muscat MSM 30 index closed 0.14 per cent higher at 3,760.63. The Kuwait all share index closed 0.06 per cent higher at 6,116.66.

The Bahrain all share index ended flat at 1,527.68.

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