Trading in UAE stocks remain flat

Dubai: UAE stocks on Wednesday remained almost flat amid low volumes with hardly any positive investor sentiment. A US rally on Tuesday after the Fed's rate cuts did not sway the markets here.

The UAE Central Bank, however, announced that it was not going to match the Fed, the second time after it declined not to cut in October.

Sideways

Analysts have been describing the market movement in the past few days as sideways.

The Dubai benchmark moved just 0.19 per cent up to close at 1929.06. Volumes fell 9.45 per cent to 108.85 million shares with a turnover of Dh262.61 million.

Among the gainers were Emaar Properties, up 1.03 per cent to Dh2.93; Arabtec, surging 5.81 per cent to Dh5.28, taking its four-day gain to 18.82 per cent; Dubai Financial Market rising 3.31 per cent to Dh1.25; and Air Arabia, closing one per cent higher at Dh1.01.

The Abu Dhabi Securities Exchange Index remained almost unchanged, barely moving up 0.05 per cent to 2711.55.