Business | Markets
Dubai benchmark slips as volumes remain low
Dubai shares fell yesterday, the third time in four days, with all major names witnessing a decline. The General Index ended at 5,686.77, losing 143.1 points or 2.5 per cent since last Thursday's close.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:33 May 15, 2008
Dubai: Dubai shares fell yesterday, the third time in four days, with all major names witnessing a decline. The General Index ended at 5,686.77, losing 143.1 points or 2.5 per cent since last Thursday's close.
Abu Dhabi's gain was insignificant, its benchmark gaining a mere 0.1 per cent to close the day at 5,026.1.
The volumes traded and the turnover continued to be low, a feature that has been a factor in the markets moving sideways.
In Dubai, the volumes traded fell almost 54 per cent over Tuesday to 180.2 million shares, the total worth of which was Dh641.1 million compared to Dh1.6 billion. In Abu Dhabi, volumes fell 38 per cent to 141.0 million shares worth Dh767.3 million compared to Dh1.3 billion over the previous day.
Of the 29 stocks traded on Dubai, 19 declined, six climbed and four remained flat. Air Arabia continued to slide and lost 1.5 per cent to close at Dh1.97. Emaar fell to Dh11.55, declining 0.4 per cent.
Dubai Financial Market declined 1.5 per cent to Dh5.77. Deyaar lost 0.4 per cent to end the day at Dh2.27.
In Abu Dhabi, etisalat climbed 0.2 per cent to Dh21.40.
The real estate stocks lost their momentum, losing 1.46 per cent, after a positive run for the past two days. Sorouh fell 1.3 per cent to Dh9.60 and Aldar Properties went down 1.7 per cent to Dh11.70. Energy and industrial sectors also fell, both by 1.4 per cent.
Regional markets
In regional markets, Qatar's main index jumped above 12,000 for the first time in almost two-and-a-half years, led by Qatar Islamic Bank and Qatar National Bank.
In Saudi Arabia, shares of Saudi Basic Industries Corp and Banque Saudi Fransi lifted the main index by 0.35 per cent to 9,783.19.
Oman's benchmark ended down as Galfar Engineering & Construction Co dropped almost two per cent after it reported lower-than-expected first-quarter profit.
The benchmark ended 0.69 per cent lower at 11,333.83.
- With inputs from Reuters
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