Dubai: The Dubai Financial Market (DFM) index rose nearly 1 per cent Monday after regaining the psychological 1,500 level on Sunday due to increase a in risk appetite and traders taking position ahead of the declaration of second quarter company earnings.

However, decline in European and Asian stocks capped the upside on the market, though trading volumes increased.

Analysts say economic slowdown in the US, China and Europe will keep the market range bound, near-term. They also say second quarter company earnings would broadly set the market’s direction.

The DFM index closed at 1,516.53, up 0.93 per cent. Around 152.74 million shares, cumulatively worth about Dh158.56 million, were traded on the stock market.

As many as 24.4 million shares of real estate major Emaar, cumulatively valued at around Dh78.15 million, were traded on the market yesterday, its stock closing 2.54 per cent higher at Dh3.23.

Of the 26 company stocks traded yesterday, 14 rose while 8 fell and 4 closed unchanged. The day’s top gainer was Arabtec, its stock rising 2.8 per cent to close at Dh2.94. AlMadina was the day’s main loser, its shares fell 2.86 per cent to close at Dh0.680. The shares of Emaar were the most traded by value while Union Properties’ shares were the most traded in terms of volume.

 

 

By Himendra Mohan Kumar

Staff Reporter

 

Abu Dhabi

 

The Abu Dhabi Securities Exchange (ADX) general index continued its decline yesterday due to lack of investor interest ahead of the commencement of the holy month of Ramadan when trading volumes generally fall.

The ADX general index closed yesterday at 2,456.89, down 0.16 per cent, led by the decline in real estate, energy and telecommunication stocks.

Analysts say participation of foreign investors on the market remains low despite attractive valuations for several stocks, some of which are trading near their lifetime lows.

Blue chip real estate stock Aldar Properties closed 0.89 per cent lower while Sorouh Real Estate’s shares fell 0.98 per cent. The potential merger between Aldar and Sorouh, however, remains a catalyst for the market, maintain experts.

Yesterday, around 24.59 million shares, cumulatively worth about Dh44.56 million were traded on the Abu Dhabi stock market. Of the 28 company stocks traded, only 8 advanced, while 12 declined and 8 closed unchanged.

The stock of Abu Dhabi’s real estate major Aldar closed yesterday at Dh1.10. About 5.87 million shares of Aldar, cumulatively worth about Dh6.51 million changed hands on the market.

The top gainer on the Abu Dhabi market yesterday was Bank of Sharjah, its shares rising 4.46 per cent to Dh1.17 by the close of trading. Green Crescent Insurance Company was the day’s top loser, its stock closing 3.45 per cent lower at Dh0.27.

The shares of regional telecommunications major Etisalat were the most traded by value while Aldar’s shares were the most traded by volume.