Dubai: UAE stocks slipped marginally as there was no real catalytic agent to break the current resistance level.

Dubai’s benchmark index — DFM — closed 0.21 per cent lower at 4,578.43 points while Abu Dhabi’s ADX index closed 0.10 per cent lower at 4,939.26 points on Wednesday.

“It was a good day for the markets, in fact it just closed marginally lower, and it does not indicate anything. People were expecting the markets to dance to the tune of certain stocks which had news, like Arabtec in particular,” Mohammad Ali Yasin, managing director of NBAD Securities in Abu Dhabi, told Gulf News.

Arabtec shares fell marginally to Dh4.25, the average price was Dh4.338, despite its biggest shareholder — Aabar Investments — increasing its stake to 34.93 per cent from 18.94 per cent on Tuesday.

Aabar acquired 707 million shares from its former chief executive officer Hasan Ismaik. It was the most traded stock on DFM with 136.14 million shares changing hands.

“The transaction has taken place and the uncertainty is over now. With Aabar as one major shareholder, it is good for Arabtec on the long term. On the short term, everybody is waiting for the third-quarter financial results,” Yasin said.

Among the gainers in Dubai, Depa rose by 8.93 per cent to $0.610, followed by Takaful-EM by 6.38 per cent to Dh0.800 and GGICO by 3.53 per cent to Dh0.908.

Gulf Navigation fell by 2.95 per cent to Dh0.592, followed by Union Properties by 2.86 per cent to Dh1.70 and Drake & Scull by 2.68 per cent to Dh1.09.

Of the 31 companies traded, nine rose, 15 declined and seven closed unchanged.

About 563.69 million shares worth Dh1.16 billion were traded.

Gulf Finance House was the active volume leader while Arabtec was the active value leader.

“The market will be steady and if the market can maintain the current level, it will be better than last week. The Emmar AGM on 24 will help the traders to continue trading and watch the market closely,” Yasin said.

Among the gainers in Abu Dhabi, National Corp for Tourism and Hotels rose by 13.33 per cent to Dh6.80, followed by CBI by 11.11 per cent to Dh1.90 and Green Crescent Insurance Company by 9.64 per cent to Dh0.91.

Eshraq rights issue suffered the worst by falling 12.50 per cent to Dh0.21, followed by Al Ain Al Ahlia Insurance Company by 9.76 per cent to Dh40.20 and Watania by 8.65 per cent to Dh0.95.

Of the 30 companies traded, 12 rose, 14 declined and four closed unchanged.

About 286.48 million shares worth Dh430.35 million were traded.

Eshraq was the active value leader while Eshraq rights issue was the active volume leader.