Abu Dhabi: The UAE markets ended the month on a low note with the Dubai Financial Market (DFM) index falling 1.66 per cent on Thursday to reach 4,545.39, and end October with an overall decline of 9.8 per cent.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index shed 1.8 per cent to end the day’s trade at 4,861.45, and bring its total drop for this month to 5.4 per cent.

In Dubai, the market ended day’s trade on Thursday with a total trade value of just over Dh655 million — one of its lowest values this month when trade usually ended at around Dh1 billion.

Almost all powerhouses in Dubai ended the day in the red, as Emaar and Arabtec fell 3.38 per cent and 2.08 per cent respectively. Emaar topped DFM in terms of value, however, accounting for almost 33 per cent of the total market trade value.

Union Properties also dropped 2.75 per cent, as Dubai Islamic Bank declined 1.18 per cent, DFM share prices slid 1.70 per cent, and Dubai Ports World decreased 1.74 per cent.

Analyst Osama Al Ashry said the market performance on Thursday was satisfactory as the DFM index remains between its support and resistance levels without being too low.

“In October, there were new IPOs (Initial Public Offering) like Emaar Malls and Marka, both of which pulled a lot of liquidity into the market. Investors are now quite disappointed in those IPOs because they did not get the profits they were expecting from them, so now the market is a little scare on liquidity.

Given this level of liquidity, I think trade is just OK,” Al Ashry, a member of British organisation, Society of Technical Analysts, said.

He added that the DFM would be in a risky area of trade of the index falls to 4,380 in November.

“The resistance level for November is 4,888, which, if broken, can see the index at new highs of around 5,500. I think the market can move positively if new liquidity enters,” the analyst said.

As for the Abu Dhabi market, Al Ashry said that it is trading close to its year high, and expected positive Q3 results to boost the market.

In Abu Dhabi, Ras Al Khaimah White Cement topped the gainers’ list with a 15 per cent change followed by National Takaful Company with a 12.63 per cent change, Emirates Driving Company with an 11.11 per cent change, and Abu Dhabi National Energy Company (Taqa) with a 3.13 per cent change.

Of the 29 stocks traded on DFM, 23 went down, three went up, and three remained flat. Of the 27 stocks traded on ADX, 17 declined, nine advanced, and one remained unchanged.