Business | Markets
Abu Dhabi Securities Exchange index rises
Analysts say the Abu Dhabi market will likely benefit from an uptrend in prices next month
- By Himendra Mohan Kumar, Staff Reporter, Gulf News
- Published: 00:00 December 30, 2009
Dubai: The Abu Dhabi Securities Exchange (ADX) general index rose on Tuesday, the profit-taking on the Dubai market capped the gains as trading fell below that of Monday.
The ADX general index closed 0.54 per cent higher at Dh2,742.69, the gains coming from industrial, telecommunication, construction and energy stocks.
Analysts say the Abu Dhabi market will likely benefit from an uptrend in prices next month when the fourth-quarter earnings of blue-chip companies come in.
The trading sentiment on the Dubai market will, however, continue to influence the Abu Dhabi bourse in the near term.
On Tuesday, 71.03 million shares worth a combined Dh151 million were traded.
Of the 31 companies traded, 12 rose, 14 fell and five remained unchanged. Emirates Insurance Co. was the top gainer, rising 10 per cent to close at Dh7.48.
Al Khazna Insurance Co. was the top loser, falling 6.54 per cent to Dh1.
Aldar Properties was the most active by value, and Aabar Investments was the most active by volume.
Meanwhile, the Dubai Financial Market (DFM) index retreated into negative territory, shedding three consecutive days of gains as investors booked profits ahead of a likely market rally next month.
The DFM index fell 2.15 per cent to close at 1,789.26 amid higher trading volume than that on Monday.
Analysts say investors are coming back into the market as their confidence rises again.
This reflected on the volume of shares traded yesterday. January is widely expected to be a swing month for the Dubai market when the fourth-quarter earnings reports of blue-chip companies are scheduled to come in.
On Tuesday, 437.77 million shares worth Dh1.07 billion changed hands. As many as 122.62 million shares of real estate major Emaar, worth nearly Dh480.73 million, were traded. Emaar's stock, however, ended at Dh3.79, 4.29 per cent lower on profit-taking.
Of the 28 companies traded, only two rose and 26 fell. The top gainer was EmiratesNBD, which closed 2.81 per cent higher at Dh2.93. Global Investment House was the top loser, closing 7.41 per cent lower at Dh1.25.
Emaar was the most traded stock in terms of both value and volume.
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