Dubai: The Dubai Financial Market (DFM) index fell Wednesday, the first trading day after Eid, on profit-taking by investors who cashed in on the last few weeks of gains. The volume of trade was low as due to lack of catalysts and because of the absence of any major buyers on the market.
The slowing economic growth in China and the US remain major concerns for global investors. However, analysts say for now, the overall sentiments are positive and the Dubai market would see a rally in the coming days, taking its direction from the sentiments prevailing on the global financial markets that have been bullish in the anticipation central banks around the world would ease their monetary policy in order to jump-start growth in a flagging world economy, a move which would give boost to riskier assets such as stocks.
The DFM index closed at 1,576.15, down 0.29 per cent. Around 107.58 million shares, cumulatively worth about Dh116.54 million were traded on the stock market.
Over 10 million shares of real estate major Emaar, cumulatively valued at around Dh34.68 million were traded on the market Wednesday, its stock closing 0.87 per cent lower at Dh3.43 on selling by investors.
Of the 24 company stocks traded Wednesday, 10 rose, while 12 fell and 2 closed unchanged. The day’s top gainer was Salama, its stock rising 6.22 per cent to close at Dh0.717. Takaful-EM was the day’s main loser, its shares fell 1.54 per cent to close at Dh0.640. The shares of Emaar were the most traded by value while Gulf Finance House’s shares were the most traded in terms of volume.
Abu Dhabi
The Abu Dhabi Securities Exchange (ADX) general index continued its gains on Wednesday, the first trading day after Eid, led by buying interest in telecommunication, real estate and banking stocks.
The volume of trade on the market, however, remained low as all major investors aren’t yet back from their Eid vacation.
Analysts say the market is poised for a post-Eid rally. The market’s confidence in recent weeks has got a boost from an improved global risk appetite towards riskier assets and higher international oil prices and the gains have been steady.
The ADX general index closed on Wednesday at 2,589.50, up 0.53 per cent. Around 34.37 million shares, cumulatively worth about Dh59.47 million were traded on the Abu Dhabi stock market on Wednesday. Of the 29 company stocks traded, 16 advanced, while 6 declined and 7 closed unchanged.
The stock of Abu Dhabi’s real estate major Aldar Properties closed at Dh1.24, 0.79 per cent lower. Sorouh Real Estate’s shares, though closed 0.93 per cent higher at Dh1.09. About10.56 million shares of Aldar, cumulatively worth about Dh13.21 million changed hands on the market.
The top gainer on the Abu Dhabi market on Wednesday was Gulf Cement Co., its shares closing 9.68 per cent higher at Dh1.02. Al Khazna Insurance Co. was the day’s top loser, its stock closing 5.88 per cent lower at Dh080. The shares of regional telecommunications major Etisalat were the most traded in terms of value while Aldar’s shares were the most traded by volume.
