Abu Dhabi: The UAE bourses showed signs of slow movement on Wednesday, as the Dubai Financial Market (DFM) index went up 0.08 per cent to reach 4,855.73, and the Abu Dhabi Securities Exchange (ADX) general index crawled up 0.03 per cent to reach 5,055.06.
Meanwhile, trade values were low, with the figures more than half of what they were on Tuesday. In Dubai, trade ended with a value of Dh388.4 million — down from Dh813.3 million the previous day. In Abu Dhabi, trade ended with a total value of Dh158.6 million.
Dubai powerhouses also registered weak trade with Arabtec, Emaar, and Union Properties remaining flat.
Saleem Khokhar, head of equities at the National Bank of Abu Dhabi’s asset management group, commented on the performance of the blue chips saying, “There is very little in terms of driving the market, and very little in terms of news flow. Even in the international markets, things seem to be somewhat calmer, so it’s sideways trading, and we expect that to continue over the course of the next couple of weeks.”
As for the overall market performance, he said that it was not surprising to see slow movements in the bourses given that most market players are on holiday.
“When you get to September and most people have returned, you should find that volumes begin to go back to normal. There are plenty of fundamental strengths and underlying interest in the region; it’s just that we’re in vacation period,” he said.
Khokhar added that the only concern currently is geopolitical tension in the region, which may have an indirect effect on UAE markets.
In Dubai, Al Salam Sudan climbed 14.98 per cent, Emirates NBD rose 0.53 per cent, and Gulf Finance House fell 1.13 per cent.
In the capital, Abu Dhabi Ship Building Co. topped the gainers’ list with a 10.14 per cent change, followed by International Fish Farming Holding Co. (Asmak) with seven per cent, Abu Dhabi National Company for Building Materials (Bildco) with 4.59 per cent, and Ras Al Khaimah Ceramic Company with 3.95 per cent.
Of the 27 stocks traded on DFM, 10 went up, nine went down, and eight remained unchanged. Of the 30 stocks traded on ADX, 11 advanced, 11 declined, and eight remained flat.
