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UAE shares fail to hold on to its rally

Markets’ focus will turn to quarterly earnings despite summer and Ramadan

Gulf News

Dubai: UAE indices failed to hold on to the bull rally for the past two days due to political turmoil in Egypt.

Dubai’s DFM index slipped by 0.77 per cent to close at 2260 points while Abu Dhabi’s ADX index fell by 0.73 per cent at 3583.74 points on Tuesday.

Among the gainers on Dubai bourse, Takaful-EM rose by 6.56 per cent to Dh0.650 while Depa by 2.50 to $0.410 and Al Slam Bank – Bahrain by 2.17 per cent to Dh0.940.

Among the losers, Oman insurance suffered the most by 9.89 per cent to Dh4.01, followed by Arig by 7.50 per cent to Dh1.11 and Al Salam Sudan by 2.58 per cent to Dh1.51.

Of the 28 companies traded, eight rose while 17 fell and three remained unchanged.

About 243.75 million shares worth Dh362.93 million were traded.

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

Analysts say the markets’ focus will turn to quarterly earnings despite summer and Ramadan.

Real estate shares dragged the Abu Dhabi index down, led by Aldar.

Aldar shares fell 2.60 per cent to Dh2.25 while the real estate index fell by 2.41 per cent.

Aldar shares surged close to 6.5 per cent to Dh2.31 on Monday after Aldar Properties and Sorouh Real Estate started trading as a single entity on Sunday following the completion of their merger on June 27.

Invest Bank was the biggest gainer by four per cent to Dh2.60, followed by Agthia by 1.27 per cent to Dh3.20 and Julphar by one per cent to Dh3.03.

Among the losers, Umm Al Quwain Cement Industries plunged by 9.85 per cent to Dh1.19, followed by Sharjah Cement and Industrial Development by five per cent to Dh0.95 and Methaq by 4.14 per cent to Dh1.39.

Of the 25 companies traded, six rose while 15 fell and four remained unchanged.

About 171.53 million shares worth Dh374.06 million were traded.

Aldar was the active volume and value leader.