United Arab Emirates Stocks Slips; DFM General Drops 0.44%
United Arab Emirates shares inched lower during the course of Tuesday’s session, fueled by declining shares in the sectors of Insurance, Finance & Investment and Real Estate & Construction.
The DFM General has seen a 0.44% drop, while the ADX General index lost 0.49% at the close in Dubai.
Among the best performers amid DFM General’s session were ARAMEX PJSC, which rallied by about 5.54% or 0.200 points to changed hands at 3.810 in late trade. Meanwhile, Emirate Integrated Telecom Co gained 1.46% or 0.100 points to settle at 6.930 and Emirates NBD PJSC added 1.03% or 0.090 points to 8.800 at the close.
National General Insurance Co PSC is one of the worst performers of the session, which has seen a 5.91% decline or 0.12 points to changed hands at 1.91 in late trade. Islamic Arab Insurance Company lost 2.83% or 0.015 points to settle at 0.515 and Takaful House dipped 2.68% or 0.030 points to 1.090 at the close.
Elsewhere in the ADX General session, the top performers were Ad Shipbldg which has seen a 14.92% increase to end at 2.850, Ad Commercial which rose 2.05% to settle at 6.48 and Ad Islamic Bk which added 1.548% to 3.850 at the close.
Methaq was among the worst performers amid session, which dipped about 4.30% to 0.890 in late trade, Al Khazna Ins which fell 4.26% to end at 0.450 and National Marine Dredging PSC which lost 4.08% to 4.700 at the close.
Declining stocks outnumbered increasing ones on the Dubai Stock Exchange with a range between 26 to 6 and 3 remained unchanged.
ARAMEX PJSC shares rallied to 5-year highs, posting 5.54% gains or 0.200 to end at 3.810, while National General Insurance Co PSC shares dropped to 5-year lows, which fell about 5.91% or 0.12 to end at 1.91.
Emirate Integrated Telecom Co PJSC shares rallied to 5-year highs, posting above 1.46% or 0.100 to settle at 6.930.
Crude oil for delivery in September lost about 1.18% or 0.51 to end the session at $42.62 a barrel. In commodities trading, Brent oil for October delivery declined 0.82% or 0.37 to stand at $44.76 a barrel, while Gold contract in December gained 0.09% or 1.20 to changed hands at $1328.40 a troy ounce.
USD/AED plunged 0.00% to end at 3.6730, while EUR/AED rallied 0.07% to settle at 4.0394.
The US Dollar Index lost 0.17% at 97.11.
Mideast Stocks Rebounds
Gulf stock markets diverged on Monday, citing two main United Arab Emirates bourses which recuperate from previous declines amid session, while banks dragged the Saudi Arabia’s index.
Riyadh’s benchmark ended the session at 0.1 percent lower, reaching previous decline of 1.2 percent, as the banking sub-index lost 0.7 percent. Meanwhile, Samba Financial Group dropped 0.7 percent.
However, other main sectors of the market, petrochemicals, posted higher after Sahara Petrochemical released a favorable net profit of 476 percent to 96.4 million riyals in the second quarter, suggesting above NCB Capital’s estimate of 66.8 million riyals.
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