DFM rises amid drop in volumes, ADX remains flat
UAE markets rise after trading in negative territory for most of the session
Dubai: After trading in negative territory for most of the session amid lower volumes, both Dubai and Abu Dhabi benchmark measure managed to end higher yesterday.
Dubai and Abu Dhabi indexes are trading at 42-month and 54-month highs respectively.
The DFM General Index climbed 0.41 per cent to 2296.01 as the turnover in the market dropped significantly from Wednesday’s Dh1.09 billion to 626.45 million. Of the 26 stocks traded, 14 advanced, 11 declined and one remained unchanged.
The initial retreat during the day was led by profit taking in mid- and small-cap stocks. Union Properties, which had reported a drop in first quarter net profit, extended its loss by 2.63 per cent to close at Dh0.445, taking the two day loss to 10.2 per cent. Other losers on the day were Commercial Bank of Dubai, which fell 2.68 per cent to Dh4 and telecom company Du, whose share price dropped by one per cent to Dh5.93.
Interior contracting company, Depa surged 10 per cent to close at $440 after the company earlier in statement had informed the stock exchange that Arabtec’s various officials and board members were appointed on the reshuffled board. Analysts told Gulf News that this increase of Arabtec’s representation on Depa board indicates that it will continue to raise its stake in the interior design company.
The other gainers included Dubai Islamic Bank, which was up 1.28 per cent to Dh3.17; contracting company Drake and Scull International, rising 3.06 per cent to Dh1.01; and Emaar Properties, which rose 0.52 per cent to Dh5.77.
Abu Dhabi’s index ended almost flat, closing 0.02 per cent higher to 3514.17 as 21 stocks gained, 13 retreating and four remaining unchanged.
Among the top traded stocks, Aldar Properties jumped 4.29 per cent to Dh1.70 and Sorouh Real Estate was up 2.88 per cent to Dh2.14. Investors booked gains in banking stocks, which had been on a tear this past quarter. First Gulf Bank fell 0.65 per cent to Dh15.30; Abu Dhabi Commercial Bank dropped 1.96 per cent to Dh5 and National Bank of Abu Dhabi shed 0.80 per cent to Dh12.35.
Telecom major Etisalat fell 0.42 per cent to Dh12.35.
