Dubai and Abu Dhabi indices head further south

Dubai: Lack of liquidity continued to drag the UAE markets lower on Tuesday, with the Dubai index declining for the fifth straight day and Abu Dhabi falling for the sixth day in seven.

Led by banks, the Dubai Financial Market General Index fell 0.61 per cent and the Abu Dhabi Securities Exchange Index slipped 0.17 per cent respectively. Dubai closed at 4,715.73 and Abu Dhabi at 4,350.68.

Volumes continued to lag with Dubai registering a turnover of Dh459.60 million in trading of 103.62 million shares and Abu Dhabi totalling Dh495.66 million on 91.31 million shares.

"UAE markets continue to be dull on lack of buying support and are behaving sideways," said Shiv Prakash, equity technical analyst at Mac Sharaf Securities.

In Dubai, Emirates NBD slid 1.82 per cent to close at Dh10.80. Dubai Islamic Bank fell 1.81 per cent to Dh7.04. However, Ajman Bank remained flat at Dh2.87.

Emaar Properties, the most liquid stock with a turnover of Dh155.57 million, touched its previous low level, falling 0.66 per cent to end at Dh9.00.

In Abu Dhabi, First Gulf Bank plunged 3.91 per cent to close at Dh22.10. National Bank of Abu Dhabi fell 0.29 per cent to Dh17.45, and Abu Dhabi Commercial Bank declined 0.73 per cent to Dh4.07.

The energy sector index gained 1.27 per cent, with Aabar Investments leading the list of gainers. It rose 5.33 per cent to close at Dh3.95. Dana Gas also gained, closing at Dh1.59, up 1.27 per cent. Abu Dhabi National Energy Company, also known as Taqa, remained unchanged at Dh2.61.

Aldar Properties, the second highest traded stock in terms of turnover slipped 0.64 per cent to Dh9.26. Sorouh Real Estate, however, edged up just 0.28 per cent to Dh7.08.

"Aldar recovered from a low of Dh9.11 to Dh9.45 and stands bullish and could rise to Dh9.69/Dh9.80 in the next few days," Prakash added.