Business | Markets
UAE shares close lower, reflecting global trend
The UAE markets went into decline yesterday. Abu Dhabi fell 1.17 per cent and Dubai 0.74 per cent, dragging with them the Emirates Securities general index 0.96 per cent lower to 5,982.47 at the close of trading.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:41 March 11, 2008
Abu Dhabi: The UAE markets went into decline yesterday. Abu Dhabi fell 1.17 per cent and Dubai 0.74 per cent, dragging with them the Emirates Securities general index 0.96 per cent lower to 5,982.47 at the close of trading.
Market analysts attributed the fall to global market trends with bearishness visible Dow Jones, Nikkei and Nasdaq. They also said liquidity on the bourses is low, despite strong market fundamentals.
The Abu Dhabi Securities Market (ADSM) general index fell to 4,729.84 from Monday's 4,785.63, while the Dubai Financial Market (DFM) index closed at 5,714.23, down from 5,756.93.
On ADSM the fall was led by the energy sub-index, which fell 2.26 per cent, while the construction sub-index declined 1.81 per cent and real estate 1.70 per cent. Shares valued at more than Dh822.72 million were traded during the day on the market, with the volume of shares traded exceeding 152 million.
Shares of Aabar Petroleum Investments Company were the most actively traded, while Gulf Medical Projects was the day's main gainer with its shares closing 9.96 per cent higher at Dh8.50. Union Cement Company was the main loser. Its shares declined 8.72 per cent and closed at Dh3.98.
On the Dubai Financial Market, more than 178.42 million shares valued in excess of Dh857.92 million were traded.
Air Arabia's shares were the most actively traded, followed by Dubai Financial Market.
The day's main gainer was Shuaa Capital, whose shares rose 9.87 per cent to close at Dh8.57. The day's main loser was Global Investment House, whose shares fell 10.91 per cent to close at Dh14.70.
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