Sell-off stops on UAE bourses, continues in Tadawul

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DUBAI

The sell-off on the Saudi Tadawul persisted on Monday but halted on the UAE bourses as traders picked up a few bargains. The Dubai Financial Market general index closed 0.49 per cent higher at 2,729.04. The index continues to trade below its 50-day moving average of 2,735.

Emaar Properties closed 1 per cent higher at Dh4.85. Dubai Islamic Bank closed at Dh5.06, up 0.60 per cent. Gulf Finance House closed 1.03 per cent higher at Dh0.882.

Any recovery in the index may attract further selling. The trend has turned bearish with next support seen at 2,660 now, senior analyst with First Abu Dhabi Bank Securities said in a note.

The Abu Dhabi Securities Exchange general index closed 0.58 per cent higher to 4,997.22. Traders look to remain on the sidelines and enter back only when a clear reversal pattern is formed, analyst said.

Al Dar Properties closed 2.38 per cent higher at Dh2.15. First Abu Dhabi Bank closed 0.54 per cent higher at Dh14.90. Saudi Tadawul index was half a per cent lower at 8,209.26. The Muscat MSM 30 index closed 1.39 per cent lower at 3,927. The Kuwait all share index closed at 5,934.88, down 0.44 per cent.

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