Business | Markets
Caution dominates UAE trading
Cautious investor sentiment continued to dominate trading in the UAE markets on Tuesday, limiting any gains or even losses, especially in Dubai.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:53 February 20, 2008
Abu Dhabi: Cautious investor sentiment continued to dominate trading in the UAE markets on Tuesday, limiting any gains or even losses, especially in Dubai.
The Emirates Securities general index was almost flat by the close advancing by a modest 0.26 per cent to 5,992.31, failing to take off from this level since the beginning of the year.
In Dubai the market was clearly trading sideways, as most of the leading shares moved within a very tight range, such as Emaar Properties which advanced 0.44 per cent to Dh11.35, and Air Arabia which stood unchanged by the close at Dh2.04.
Amlak Finance and Arabtec fell 0.22 and 0.43 per cent to Dh4.62 and Dh11.50 respectively.
The value of traded shares was relatively low, indicating a squeeze in terms of liquidity where Dh805.7 million worth of shares changed hands.
In Abu Dhabi, investors were relatively more bullish driving the value of traded shares as high as Dh1.1 billion. The rally on the real estate resumed, lifting Aldar Properties up 1.32 per cent to Dh11.55 and Sorouh Real Estate by 1.14 per cent to a record high of Dh9.79 approaching the Dh10 mark.
Most institutional investors are bullish towards the real estate sector in Abu Dhabi as the massive developments in the emirate are only in the first stages, entailing strong growth potentials.
Investors were also bullish towards the former Oasis Leasing, which rebranded to Waha Capital and announced Dh20 billion worth of investments in the coming three years.
The company gained 2.31 per cent to close at Dh2.66.
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