Business | Markets
UAE markets end mixed
UAE markets reported a mixed performance yesterday with Dubai's benchmark index retreating 0.84 per cent to 5,435.95 and Abu Dhabi's advancing 0.47 per cent to 4,760.34.
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:38 April 8, 2008
Abu Dhabi: UAE markets reported a mixed performance yesterday with Dubai's benchmark index retreating 0.84 per cent to 5,435.95 and Abu Dhabi's advancing 0.47 per cent to 4,760.34.
Profit booking prevailed in Dubai, though on low volumes, where only Dh829 million worth of shares were traded, reflecting mixed investor sentiment towards positive valuations by many financial powerhouses and the diverse forecasts for Emaar Properties' first quarter net profit from 1 to 15 per cent.
Emaar dropped 0.9 per cent to Dh11.15 maintaining the tight price range up to the time of disclosure.
In Abu Dhabi, the marg-inal recovery of the real estate sector, and the gains recorded by etisalat and the National Bank of Abu Dhabi, sustained the market on positive grounds despite heavy losses of the energy sector.
Sorouh Real Estate and Aldar Properties advanced by 1.10 and 0.92 per cent respectively. Dana Gas was the worst hit in the energy sector dropping by a hefty 6.14 per cent to Dh2.13, followed by Aabar Petro-leum, and Abu Dhabi National Energy which fell by 2.68 and 2.13 per cent.
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