Abu Dhabi: Despite relatively high trade values on Tuesday, UAE bourses ended the day with slight changes as the Dubai Financial Market (DFM) index fell 0.49 per cent to reach 5,115.44. Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index crawled up 0.01 per cent to reach 5,129.07.

The drop in Dubai came as Emaar, which accounted for 40 per cent of the total market trade value, went down three per cent to reach Dh11.30. With over Dh586 million worth of trade, the real estate developer continued to top the market in terms of value traded.

Analyst Osama Al Ashry said that Emaar has a low between Dh10.67 and Dh10.5 for September, but did not expect share prices to drop below Dh10.5.

Other market blue chips were not performing very well either as Arabtec remained flat at Dh4.73, and Union Properties fell 0.89 per cent.

However, Dubai Investments Co. rose 0.52 per cent, Dubai Islamic Bank went up 0.49 per cent, and DFM share prices gained 2.26 per cent.

Al Ashry attributed the drop in Dubai to profit-taking activity.

“I think the DFM index could fall between 5,020 and 4,970, but this is just a support level before the index starts rising again. I wouldn’t worry too much about any drop unless the index breaks the 4,800 level, which presents a risk. Otherwise, I wouldn’t read too much into it,” he said.

Al Ashry pointed out Dubai Islamic Bank’s performance, saying that it has approached its year high, assuring that prices can reach Dh10 in the next few weeks.

Weak values at ADX

Discussing ADX, the analyst said trade was marred by weak values.

“The index moves according to the changes in the real estate sector, which barely moved today (Tuesday). Stocks like Aldar and Etisalat affect movement of the index, and neither one of them showed strong trade, so it’s natural for the index to remain almost flat,” said Al Ashry, a member of UK organisation, Society of Technical Analysts.

In the capital, Umm Al Quwain Cement Industries Co. topped the gainers’ list with a 10.83 per cent change, followed by Abu Dhabi National Energy Company (Taqa) with 3.39 per cent, Ras Al Khaimah White Cement with 2.56 per cent, and the National Bank of Abu Dhabi with 2.47 per cent.

Of the 33 stocks traded on DFM, 14 went up, 13 went down, and six remained unchanged. Of the 29 stocks traded on ADX, 15 declined, nine advanced, and five remained flat.