Business | Markets

UAE stocks fall as volume rises

With foreign investors a bit more active on Monday than Sunday in selling, UAE shares declined on increased volumes.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 23:25 August 4, 2008
  • Gulf News

Dubai: With foreign investors a bit more active on Monday than Sunday in selling, UAE shares declined on increased volumes.

The Dubai Financial Market General Index closed 0.30 per cent lower at 5,394.01 on 185.02 million shares worth Dh861.29 million.

The Abu Dhabi Securities Exchange also fell with volumes almost doubling to 88.18 million shares worth Dh551.90. The index declined 0.61 per cent to close at 4,924.74.

"There is no reason why they [foreign investors] were selling today, but what's been happening over the past few weeks is that they have been closing positions," said Anne Marie Browne, foreign institutional sales, Al Futtaim HC Securities. "They are not really buying that much because the market is in a summer lull and is trading in a range."

Locals were, however, seen to be active in Dar Takaful, which debuted yesterday. About 34 million shares of the new stock were traded and the turnover totalled Dh195.29. It closed 459 per cent up to Dh5.59.

Selling of Shuaa Capital and Tamweel shares led to both the stocks declining, with the former losing 7.8 per cent to Dh6.50 and the latter closing 3.67 per cent lower to Dh7.35.

In Abu Dhabi, real estate, energy and healthcare sectors retreated. Aldar Properties and Sorouh Real Estate fell 2.04 per cent and 1.01 per cent to Dh12 and Dh8.83 respectively.

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