Business | Markets
UAE stocks post extended losses
The Dubai market fell for the second straight session this week, slipping more than 2.5 per cent in the past two days to close at 5,459.09.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:01 June 25, 2008
Dubai: The Dubai market fell for the second straight session this week, slipping more than 2.5 per cent in the past two days to close at 5,459.09.
Abu Dhabi continued to fare poorly, falling all three days this week, to close below 5,000. The Abu Dhabi Securities Exchange Index closed at 4,998.33, down 0.77 per cent.
Though short-term traders are affected by the sudden moves up or down, nothing major has changed when one looks at the larger picture, said Amr Al Magrabi, chief technical analyst with Beltone Financial, in an e-mail interview.
"The Dubai index has been moving sideways since January between the support of 5,200 (reached in January and March) and the resistance at 5,880 [reached in April and June].
"The current dip is only a change in the short-term picture. We are simply re-testing the lower band of the side way range at 5,200."
Selling of Ajman Bank shares continued for the second consecutive day, making it the largest traded stock with a turnover value of Dh245.18 million.
It slipped 14.84 per cent yesterday - almost 30 per cent in the last two days - to close at Dh2.87.
Emaar fell below Dh11 to close at Dh10.95, down 0.45 per cent. Dubai Islamic Bank also declined to close at Dh8.11.
Methaq Takaful Insurance continued to be the the highest traded stock. It fell 0.96 per cent to Dh6.19.
Dana Gas and Abu Dhabi National Energy slipped 2.90 per cent and 2.46 per cent respectively.
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