Business | Markets
Value of trade in UAE stocks declines 17.6%
UAE markets continued trading sideways this week as share price movement was restricted by negative sentiment from another selloff.
- By Ahmed A. Elewa, Senior Reporter
- Published: 00:30 February 29, 2008
Abu Dhabi: UAE markets continued trading sideways this week as share price movement was restricted by negative sentiment from another selloff.
The value of traded shares retreated a sharp 17.6 per cent to Dh13.8 billion compared to Dh16.7 billion in the previous week.
The Emirates Securities general index advanced 0.6 per cent to 6,163.66 reflecting the flat trend.
"The markets were able to absorb marginal profit-booking due to positive sentiment among investors aiming at higher returns in the face of rising inflation," said Mohammad Ali Yasin, managing director of Shua'a Securities.
"The total gains during February exceeded 5.6 per cent, recovering all the losses recorded in January, and accumulating 2.5 per cent of gains since the beginning of the year," he added.
The total value of traded shares in February dropped 38 per cent, compared to January, reflecting investor cautiousness.
Dubai's benchmark index advanced 1.6 per cent to 5,960.16, while Abu Dhabi's general index recorded more modest gains of 0.4 per cent to end the week at 4,815.57.
The leading real estate developers recorded tangible losses throughout the week, including Emaar which fell 1.1 per cent to Dh12.45 in Dubai, while Aldar and Sorouh dropped 2.1 and 1.4 per cent to Dh11.59 and Dh10.18 respectively.
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