Business | Markets
UAE stock markets retreat marginally on low volumes
UAE markets retreated marginally on Sunday on low volumes with only Dh908 million worth of shares traded.
- By Ahmed A. Elewa, Senior Reporter
- Published: 21:52 March 23, 2008
Abu Dhabi: UAE markets retreated marginally on Sunday on low volumes with only Dh908 million worth of shares traded.
The Emirates Securities general index dropped 0.58 per cent to 5,852.55 taking the total losses since the beginning of the year up to 2.72 per cent.
Bearishness prevailed at Dubai Financial Market (DFM), where the benchmark index fell 0.54 per cent to 5,547.86, and the value of traded shares did not exceed Dh570 million, the lowest since last August.
Most investors are holding to their positions as many dividends are due, while the disclosures for first quarter financial results are approaching.
The leading shares reported a mixed performance, with companies such as Emaar Properties and Dubai Investments advancing 1.32 and 1.45 per cent to Dh11.50 and Dh5.61 respectively, while Air Arabia and Dubai Islamic Bank retreated by more than 1.5 per cent each to close at Dh1.92 and Dh9.65.
The slow pace was also apparent in Abu Dhabi where the general index retreated by 0.68 per cent to 4,644.49.
Blue chips reported contrasting performance as well, with the National Bank of Abu Dhabi (NBAD) advancing 0.22 per cent to Dh23, and etisalat dropping 0.84 per cent to Dh23.60.
NBAD's general assembly approved yesterday the 60 per cent dividend of which 40 per cent in cash and 20 per cent in bonus shares.
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