UAE markets fall after days of gains

Abu Dhabi: The UAE stock markets shed three days of continuous gains to return to negative territory on Wednesday after global sentiments turned bearish.

While the Abu Dhabi Securities Exchange (ADX) general index declined 1.58 per cent, the Dubai Financial Market (DFM) index fell 4.24 per cent.

Consequently, the Emirates Securities Market index decreased by 2.58 per cent to close at 4,089.64 points. Of the 128 companies listed, 11 advanced and 56 declined.

The Emirates Securities And Commodities Authority (ESCA), the UAE regulator of the Dubai and Abu Dhabi local stock markets, said that as of yesterday, there was a Dh15.43 billion drop in market capitalisation, which currently stands at Dh583.47 billion.

Danagas active

On the ADX, the general index closed at 3,595.24 while in Dubai, the DFM index ended at 3,209.20.

In Abu Dhabi, more than 101.70 million shares changed hands with the total value of shares traded exceeding Dh467.28 million. While shares of DanaGas were the most actively traded in terms of volume, Ras Al Khaimah Ceramic Co. was the day's main gainer on the ADX with its shares ending 8.37 per cent higher at Dh2.85. Oman & Emirates Inv. Holding Co. was the day's main loser on the market, with its shares falling 9.97 per cent to close at Dh2.71. In Dubai, around 244.05 million shares were traded on the DFM, whose combined value exceeded Dh748 million.

The top gainer for the day on DFM was Al Madina, whose shares rose 14.89 per cent to Dh5.40. Shares of Tamweel declined the most, falling 9.09 per cent to close at Dh2.30.