UAE stock market remains in summer doldrums

Dubai: The UAE stock market continued to be listless yesterday, in slow trading as the quiet of the summer continued to keep both local and foreign investors away from buying or selling in any substantial way.

The number of shares exchanging hands on the Dubai Financial Market totalled 117.18 million with a turnover of Dh571.86 million. On Abu Dhabi, the volume fell to a dismal 49.33 million shares worth Dh268.70 million.

Led by declines in telecom and real estate sectors, the Abu Dhabi Securities Exchange Index fell 0.43 per cent to 4,954.73. etisalat was down 1.76 per cent to Dh19.50.

All the three real estate stocks, Sorouh Real Estate, Aldar Properties and Rak Properties retreated thought the first two had the highest turnover in the market. Sorouh fell 2.09 per cent to close at Dh8.97 and Aldar Properties declined 0.81 per cent to Dh12.25.

Energy stocks were marginally down with Dana Gas unchanged at Dh1.88 and Abu Dhabi National Energy closing 0.65 per cent lower at Dh3.04. Aabar Petroleum Investments was, however, up 0.45 per cent to Dh4.49. Banks edged up with National Bank of Abu Dhabi gaining 1.63 per cent and First Gulf Bank advancing 1.47 per cent.

In Dubai, the market essentially closed unchanged, with the index moving up 0.09 per cent to 5410.23. The decliners led gainers 12 to nine and five stocks remained unchanged.

Emaar Properties remained flat at Dh10.50.