Business | Markets

Dubai and Abu Dhabi shares go opposite ways

Lacklustre trading with low volumes continued to weigh on Abu Dhabi and Dubai, with the index closing lower in one and moving slightly up in the other.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:05 July 29, 2008
  • Gulf News

Dubai: Lacklustre trading with low volumes continued to weigh on Abu Dhabi and Dubai, with the index closing lower in one and moving slightly up in the other.

With foreigners on the sidelines and summer lull, markets are moving sideways. The Abu Dhabi Securities Exchange Index fell 0.61 per cent to 4,974.62 on 92.54 million shares worth Dh597.31 million. Of the 39 traded companies, 22 declined and 13 advanced, with 4 remaining flat.

After two days of decline, the Dubai Financial Market General Index rose 0.27 per cent to close at 5,422.31. Volumes traded were 125.93 million shares with a total turnover of Dh513.96 million. Here also decliners led gainers 16 to 7 and four remained unchanged.

In Dubai, real estate and banking indexes were in positive territory, pushing up 0.60 per cent and 0.62 per cent respectively. Finance and investment stocks retreated. Emaar Properties, which closed at Dh10.60, was up 0.95 per cent.

Deyaar Development, however, lost 1.43 per cent to end at Dh2.07. Emirates NBD gained 1.71 per cent to Dh11.90. Amlak Finance fell two per cent to Dh4.41.

Profit taking continued in some of the stocks, which have reported strong second quarter results. Sorouh Real Estate fell for the second straight session, declining 1.38 per cent to Dh9.30.

etisalat shares also weighed on Abu Dhabi, losing 0.75 per cent to Dh19.75. Aldar Properties also fell, losing 3.13 per cent to Dh12.40. Gulf Pharmaceutical Industries, also known as Julphar, led the list of decliners, retreating 9.71 per cent to end at Dh2.51.

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