Dubai: Trade values in the UAE’s equity markets dwindled even further on Sunday as a lack of catalysts coupled with the summer lull kept investors away.

The Dubai Financial Market (DFM) index slid 0.61 per cent to reach 3,602.55, with only Dh169 million worth of trades in the market, 40 per cent lower than the last trading session.

“Lack of catalysts coupled with the summer lull and the approaching Eid break dominated trading activities across the regional markets. Along with the end of earnings season, regional markets have been in a very thin range, trading volumes declining, and no major macro news affecting stocks’ prices,” a note from Al Masah Capital said.

Markets in the UAE will be closed from August 31 to September 3 for the Eid Al Adha holiday.

On the Dubai bourse, GFH Financial Group accounted for 23 per cent of the market’s total trade value, with its share prices falling 3.26 per cent to reach Dh1.78.

“GFH shares alone accounted for about a quarter of trade on DFM. Investors were expecting the company to distribute dividends, but there really hasn’t been much clarity or transparency from [GFH] regarding that, which is why we’re seeing that drop in share prices,” said technical analyst Osama Al Ashry.

In two separate statements to the bourse, GFH said it is still awaiting regulatory approvals regarding dividend distribution. Al Ashry said he expected GFH share prices, however, to reach their resistance level of Dh2.5, and possibly touch Dh3, in the fourth quarter of 2017.

Meanwhile, Emaar share prices fell 1.17 per cent to reach Dh8.43, as Union Properties dropped 0.88 per cent. DFM share prices inched down 0.87 per cent while Amlak gained 0.89 per cent.

“The DFM index has been trading sideways in the 3,500-3,650 range for quite some time now, and that has to do with many factors that include political uncertainty in the region as well as oil prices, which have been below $50 (Dh183.65). From a technical perspective, the index has a target of 3,780, and I think the index can reach that, though it will take a while especially if liquidity remains weak,” Al Ashry said.

In Abu Dhabi, the main index slid 0.31 per cent to reach 4,479.99, with only Dh50.9 million worth of trade in the market.