Dubai rebounds, the most in two weeks, Abu Dhabi falls for the second straight day
Some investors think the market has fallen enough, analyst says
Dubai: The Dubai measure rebounded on Tuesday — its biggest gain two weeks — after Monday’s two-month low decline amid high volatility in recent weeks when the markets have swung between gains and declines alternatively every few days.
The DFM General Index gained 0.97 per cent to close at 1843.48. The volume traded stood at Dh110.23 million shares, just a small drop from the previous session’s 115.47 million. The value traded, however, saw a jump to Dh151.51 million from Dh112.46 million.
“Maybe after the correction of the past few weeks, some investors think the market has fallen enough,” according to Sebastien Henin, portfolio manager at The National Investor, who spoke with Reuters.
The main gainers today were the bluechip names including Emaar Properties, jumping 2.95 per cent to Dh5.24 and Emirates NBD, up one per cent to close at Dh4.04.
Abu Dhabi
The Abu Dhabi measure shed 0.54 per cent to end at 2991.86.
The decline was led by National Bank of Fujairah, which tumbled 9.97 to Dh2.89, taking its two-day loss to 20 per cent. The other major bank, which figured in the top five decliners, decreased 2.73 per cent to Dh10.70. Ras Al Khaimah Bank (Rak Bank) slumped 5.02 per cent to Dh4.99.
Earlier in the week, Bruce Powers, trader and consultant, wrote in his column in Gulf News’ Your Money that the odds for of a decline in Abu Dhabi are higher now than a move above.
He added that a drop below 2935.61 would trigger a signal of further breakdown and for the index to go higher up, it needed to move past its previous peaks of 3053.55 and 3069.20.
