Business | Markets
Global concerns bog UAE indices
UAE shares were mixed at the close yesterday, with slender gain registered by Abu Dhabi alongside Dubai's slight loss. The volatility in global stocks continued to weigh on sentiments of investors who remained cautious in their moves, traders said.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:06 July 18, 2008
Dubai: UAE shares were mixed at the close yesterday, with slender gain registered by Abu Dhabi alongside Dubai's slight loss. The volatility in global stocks continued to weigh on sentiments of investors who remained cautious in their moves, traders said.
With the US markets closing up on Wednesday, there was some speculation among brokers at the beginning of the session of some foreign investors coming in, said Sharif Abdul Khalek, manager of institutional accounts, Beltone Financial Securities.
"It started positively but the momentum was not very strong, which led again to some profit taking."
With global financial concerns still very much in the minds of investors, foreign investors continued to remain on the sidelines and most local institutions are holding on, Khalek added.
The Dubai Financial Market General Index barely changed, falling 0.02 per cent to 5222.05. The Abu Dhabi Securities Exchange Index also hardly moved, edging up a mere 0.02 per cent to close at 4880.68.
The Dubai market was dragged down by falls in falls in Union Properties, Al Salam Sudan Bank, Emaar Properties, Dubai Financial Market and Ajman Bank. Union Properties fell 3.27 per cent to Dh5.32.
In Abu Dhabi, Methaq Takaful Insurance continued to lead for the second straight session in terms of volume traded and total turnover. It ended the day at Dh7.90, up 7.34 per cent.
Aabar Petroleum and Abu Dhabi National Energy gained 2.67 per cent and 1.69 per cent respectively.
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