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UAE stocks continue to move sideways

UAE stocks continued to move sideways, with the air dominated by waiting in anticipation of an increased stability in global markets after the results of the presidential elections are out.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 23:43 November 4, 2008
  • Gulf News

  • The Dubai Financial Market was slightly up on Tuesday, gaining 0.29 per cent.
  • Image Credit: Gulf News Archive

Dubai: UAE stocks continued to move sideways, with the air dominated by waiting in anticipation of an increased stability in global markets after the results of the presidential elections are out.

The Dubai Financial Market was slightly up on Tuesday, gaining 0.29 per cent to 2915.53 and Abu Dhabi Securities Exchange index advanced 0.81 per cent to 3384.39. On, both the bourses had witnessed declines.

"Most of the talking among investors-largely retail-has been about the US election and over the past few days they seem to be following a wait and watch policy," said Sherif Abdul Khalek, manager, institutional accounts, Beltone Securities.

In Dubai, the banking sector index continued to be in the red, declining 1.33 per cent. The real estate index, however, improved to close 1.72 per cent higher.

Emaar Properties, the most liquid stock of the day with a total turnover of Dh193.42 million, rose 2.11 per cent to Dh5.33. Emirates NBD, the largest bank by assets in the country, slid 3.31 per cent to end at Dh5.85.

Takaful House and Takaful-Emarat were the two top gainers, surging 12.97 per cent to Dh2.70 and 4.55 per cent to Dh2.76 respectively.

Given the current support levels, analysts say, the sentiments are negative in the market.

On ADX, real estate, banking and consumer indices were all in positive territory. Among the gainers were Aldar Properties, up 4.73 per cent, Sorouh Real estate, adding 1.79 per cent, National Bank of Abu Dhabi, advancing 4.25 per cent and Abu Dhabi Commercial Bank, increasing 0.38 per cent.

Dana Gas and etisalat remained flat.

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