Business | Markets
UAE markets fall in line with global slide
Analysts predict bull run in coming days citing strong fundamentals on domestic bourses
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:29 March 14, 2008
Abu Dhabi: The UAE stock markets fell on Thursday in line with the downside plaguing the global financial markets impacted by lifetime-high oil prices and weakening dollar this week.
During the week, high volatility in share prices was witnessed on the bourses in Abu Dhabi and Dubai.
The Abu Dhabi Securities Market (ADSM) general index fell 0.68 per cent to 4,732.42 from Wednesday's 4,764.76, while the Dubai Financial Market (DFM) index closed at 5,753.92, down from 5,819.86.
As a result, the Emirates Securities general index fell 0.90 per cent to 6,008.17 at the close of trading from a day before.
Market analysts, however, reiterated that the fundamentals of the domestic bourses are strong and there is going to be a bull run in the coming days, based on the assessment that after mid-March major market moving firms will come closer to reporting their first-quarter performance.
On the ADSM, the fall was led by real estate sub-index that fell 2.08 per cent, followed by consumer sub-index that fell 1.40 per cent and energy sub-index down by 1.24 per cent. Shares valued at more than Dh577.97 million were traded during the day on the market, with the volume of shares traded exceeding 94.76 million.
Shares of Aabar Petroleum Investments Company were the most actively traded, while Emirates Driving Company was the day's main gainer with its shares closing 7.24 per cent higher at Dh6.37. Sharjah Islamic Bank was the main loser. Its shares declined 21.04 per cent to Dh3.34 at close.
On the DFM, more than 153.36 million shares valued in excess of Dh801.38 million were traded. Deyaar Development's were the most actively traded, followed by Dubai Financial Market shares. The day's main gainer was Arig, whose shares rose 6.39 per cent to Dh3.83. The day's main loser was Ware-Agility, whose shares declined 10.89 per cent to Dh18.00 at close.
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