Business | Markets
UAE bourses reverse roles as bearish mood prevails
It was another mixed day for the UAE markets, with the Dubai bourse reversing Tuesday's positive performance and Abu Dhabi ending five days of decline.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:43 October 29, 2008
Dubai: It was another mixed day for the UAE markets, with the Dubai bourse reversing Tuesday's positive performance and Abu Dhabi ending five days of decline.
The Dubai Financial Market General Index lost 0.51 per cent to close at 2,917.12. However, volumes surged by 51 per cent to 426.38 million shares valued at Dh1.17 million. The market failed to hold on to the opening rally and selling continued until the close.
"Undercurrent is very bearish with little confidence seen in local markets," said Shiv Prakash, equity investment analyst at Mac Sharaf Securities in a market note.
"Rebounds and sell-offs have become common in our markets and every time indices are looking up it is used as an opportunity to sell-off. Positive news flow such as good company results, good recovery seen in international markets, or even news from Emaar for buy back of its own shares have not generated confidence in the markets here."
Emaar Properties, the most liquid stock of the day, slid 1.152 per cent to end at Dh5.20. Ajman Bank reversed its decline to gain 3.16 per cent to Dh1.96. Emirates NBD gained 3.14 per cent to Dh6.25. However, construction giant, Arabtec continued its slide to close 3.11 per cent lower at Dh5.60.
Abu Dhabi Securities Exchange Index advanced 2.20 per cent to end at 3,350.41. Banking, real estate, energy and construction indices gained. Gainers included Aldar Properties, up 3.43 per cent to Dh5.12, National Bank of Abu Dhabi, soaring 8.26 per cent to Dh11.80, Dana Gas, advancing 2.86 per cent and Arkan Building Materials, surging 7.98 per cent to Dh5.55.
Emaar Properties, the most liquid stock of the day, slid 1.152 per cent to end at Dh5.20.
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