Business | Markets
UAE indices end mixed as ADX rally continues
Telecom and real estate sectors lead gainers on the benchmarks.
- By Nadia Saleem, Staff Reporter
- Published: 23:01 March 1, 2009
Dubai: The UAE markets closed on a mixed note on Sunday, with Abu Dhabi Securities Exchange (ADX) index advancing 3.02 per cent and Dubai benchmark falling slightly at 0.66 per cent.
The combined market gained Dh5.28 billion, up Dh359.83 million. A total of 420 million shares were traded with a total value of Dh590 million through 8,174 transactions, according to the Emirates Securities Market report by the Securities and Commodities Authority.
The Dubai benchmark closed at 1,548.67 and ADX at 2,448.15. Abu Dhabi has been gradually advancing and coming to its eighth rally on Sunday.
Takaful saw the highest loss at 6.36 per cent to Dh1.04. Deyaar and Union Properties saw losses of 5.66 and 5.26 per cent respectively. While at highest gains, Takaful House (Dar Takaful) rose 11.11 per cent to close at Dh1.30.
Shiv Prakash, equity investment analyst, technical at MAC Capital Advisors said, "As expected, local markets did not co-relate with international markets and in spite of weak Saudi and US markets, we did close on a higher note in Abu Dhabi and marginally lower in Dubai with renewed selective buying seen."
On the ADX, the tele-com sector continued to witness high gains of 7.30 per cent. Real estate saw a slight gain at 0.80 per cent.
Taqa (Abu Dhabi National Energy Company) saw the highest gain of 7.95 per cent to Dh1.63, while etisalat rose 7.30 per cent to Dh12.50.
Mathew Wakeman, managing director, cash and equity linked trading at EFG Hermes said the impact on Union Properties after announcing the delay of its F1 theme park causes investors to be concerned about other projects by the developer.
"UAE markets are in a 'what now' phase and desperate for direction. First quarter earnings didn't provide a clear catalyst either way given the weakness that was inherent in prices," Wakeman said, adding that the local investors are "not shying away from the markets and are looking for short-term gains."
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