UAE, Saudi stock indexes edge lower

UAE, Saudi stock indexes edge lower
2.5 5

Published February 11th, 2015 - 10:38 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
The Dubai Financial Market General Index ended 0.46 per cent lower at 3,931.16, while Saudi’s Tadawul All Share index (TASI) ended 0.96 per cent to be at 9,300.50
The Dubai Financial Market General Index ended 0.46 per cent lower at 3,931.16, while Saudi’s Tadawul All Share index (TASI) ended 0.96 per cent to be at 9,300.50
Follow >
Click here to add Aabar as an alert
Aabar
,
Click here to add Abu Dhabi’s Securities as an alert
Abu Dhabi’s Securities
,
Click here to add Aman as an alert
Aman
,
Click here to add Arabtec as an alert
Arabtec
,
Click here to add Dar Al Arkan as an alert
Dar Al Arkan
,
Click here to add Dubai as an alert
Dubai
,
Click here to add National Bank of Abu Dhabi as an alert
National Bank of Abu Dhabi
,
Click here to add Ratings as an alert
Ratings
,
Click here to add S&P as an alert
S&P
,
Click here to add Sanyalaksna Manibhandu as an alert
Sanyalaksna Manibhandu
,
Click here to add Sebastien Henin as an alert
Sebastien Henin

UAE stocks along with Saudi fell on Tuesday led by Damac Properties as investors resorted to profit taking after gains in the past few sessions.

The Dubai Financial Market General Index ended 0.46 per cent lower at 3,931.16, while Saudi’s Tadawul All Share index (TASI) ended 0.96 per cent to be at 9,300.50.

Damac Properties registered more than 9 per cent losses to end at Dh2.52, extending the previous session’s nearly 10 per cent decline.

“We had a good rally in Saudi last week led by petrochemicals, so it’s completely normal for investors to take some profits. Investors in rest of the markets also booked some profits,” said Sebastien Henin, head of asset management at The National Investor.

Volatile

“Real estate has been a volatile sector, and that’s why we have seen so much of volatility. Damac shares will extend losses,” said Henin.

In other stocks, shares of Aman ended lower by more than 5 per cent to be at Dh0.660. Arabtec, which was the most active stock in trade, ended 1.25 per cent higher at Dh3.25, after the Aabar purchased 24.8 million shares or 0.565 per cent additional stake in Arabtec.

Gulf Finance House ended 2.26 per cent lower at Dh0.303. Out of a total of 33 shares traded on the exchange, shares of 10 companies rose, while shares of 20 companies fell.

“The S&P outlook cut might have had impact on some investors but not all investors in the GCC,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi’s Securities.

The Standard and Poor’s Ratings agency said it has cut its outlook on Saudi Arabia to negative from stable due to expectations of weaker fiscal position due to lower oil prices.

Saudi Arabia-based property developer Dar Al Arkan dropped more than 3 per cent after S&P affirmed the company’s corporate credit rating at B+, but revised the rating outlook to negative from stable. Dar Al Arkan was the most active stock in terms of value on Tadawul.

Emaar results eyed

Investors would closely eye the results from Emaar Properties, which has the highest weightage in the gauge, and Aldar Properties.

“People are waiting for the results from Emaar Properties, but it is not having any impact one way or the other. We could possibly see Aldar Properties, which might also have an impact,” said NBAD’s Manibhandu.

Emaar Properties ended 0.14 per cent lower at Dh7.32, while Abu Dhabi listed Aldar Properties ended 0.77 per cent lower at Dh2.58.

Elsewhere in the Gulf, the Abu Dhabi Securities Exchange General Index ended 0.41 per cent at 4,627.91, while Kuwait Stock Exchange Index ended 0.20 per cent lower at 6,735.01.

Qatar Exchange Index ended at 12,667.33, up 0.34 per cent.

© Al Nisr Publishing LLC 2015. All rights reserved.

Add a new comment

 avatar