Indices turn around as volumes remain low

Dubai: After a weak start on Sunday, which saw the Abu Dhabi General Index falling to a two-year low, there was some relief yesterday with the market rising a fractional 0.10 per cent to close at 2,927.95.

The market had fallen to 2,925.03 on Sunday.

Yesterday gainers beat losers 16 to 13, with four unchanged.

All sectors except real estate, energy and consumer gained, with healthcare index registering a 5.36 per cent rise.

The trading volume in Abu Dhabi continued to be thin with turnover touching Dh111.35 million.

Trend reversal

The Dubai Financial Market also reversed its fall, which continued for five days till Sunday, gaining 1.26 per cent to end the day at 4,089.07.

All sectors except utilities gained or remained unchanged with real estate and telecommunications registering the highest rise - 2.33 and 1.52 per cents respectively.

Utilities lost 1.34 per cent.

The trend of low trading continued. The volume of shares traded was 73.07 million, which was valued at Dh549.71 million.

Of the 21 companies which were traded, 14 advanced, five declined and two were unchanged.

Property giant Emaar recorded a 2.56 per cent gain closing at Dh12. The company traded 28.8 million shares, valued at Dh347.3 million. Amlak Finance, the second largest traded scrip, had a turn-over valued at Dh54.49 million.

The top gainers were the newly listed Kuwait-based Bayan Investments which rose 13.51 per cent to close at Dh4.20 and Gulf Finance House, which gained 4 per cent and closed at Dh9.88.

The losers were led by Al Mazaya Holding Company and Arab Insurance Group, which lost 10.782 per cent and 7.16 per cent respectively.