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Dubai stock market ends flat as Abu Dhabi declines
Dubai shares remained almost flat yesterday, while Abu Dhabi retreated, slipping 0.77 per cent to close at 4,960.01.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:03 June 26, 2008
Dubai: Dubai shares remained almost flat yesterday, while Abu Dhabi retreated, slipping 0.77 per cent to close at 4,960.01.
The Dubai index fell slightly, 0.09 per cent, to close at 5,454.32, led by Ajman Bank and Dubai Investments.
Overall, there were 10 stocks which gained, 16 declined and 2 remained unchanged.
Retail investors continued to sell off Ajman Bank shares, leading to its 9.06 per cent fall to Dh2.61.
In the three days after its debut on Sunday, the stock has lost 38.80 per cent.
With 74.43 million of its shares exchanging hands, Ajman Bank continued to be the highest traded stock in the market and was worth Dh197.46 million.
Losers
DIC, the stock that was worth highest in terms of turnover value, fell 1.79 per cent to close at Dh3.83. Among the other losers include Air Arabia, which fell 0.54 per cent to Dh1.84. Emaar Properties remained unchanged at Dh10.95.
Dubai Financial Market Company gained 1.56 per cent to Dh5.20.
Volumes traded on the Abu Dhabi bourse continued to be low, a mere 174.44 million shares worth Dh1 billion.
Of the total 37 companies that were traded, 23 declined, 11 advanced and 3 remained flat.
Abu Dhabi decline was led by real estate and energy stocks, which declined 2.48 per cent and 2.66 per cent respectively.
Aldar Properties and Sorouh Real Estate both retreated, 3.45 per cent and 1.17 per cent respectively to close at Dh12.60 and Dh9.30. While Abu Dhabi National Energy fell 3.65 per cent, Dana Gas slipped 1.52 per cent.
Banking sector also declined, with First Gulf Bank and National Bank of Abu Dhabi losing 0.95 per cent and 0.24 per cent.
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