UAE markets fall in absence of positive triggers

Dubai: The Abu Dhabi Securities Exchange general index on Sunday fell 0.91 per cent as bearish sentiment in Dubai weighed on the market.

The fall was led by health care, banking and construction stocks, though real estate stocks gained marginally. The ADX general index closed at 2,749.08 amid lower volume than that on Thursday.

"The Abu Dhabi market can re-test the 2,200 level as it is currently trading below its 200-day and 50-day moving averages. Investors are recommended to hold their cash as the market will continue to remain bearish," said one market participant.

However, next month, when the fourth-quarter earnings of blue-chip companies begin to come in, the Abu Dhabi market may see an uptrend, say market analysts.

On Sunday, 61.22 million shares worth a combined Dh125.13 million were traded. Of the 31 companies traded, only 5 rose, while 23 fell and 3 remained unchanged.

Invest Bank was the top gainer, its shares rising 10 per cent to close at Dh2.20e. National Bank of Fujairah was thes top loser, down 9.90 per cent to Dh5.55.

Meanwhile, the Dubai Financial Market (DFM) stocks fell as investors booked profits in the absence of any positive triggers amid further downside risks.

The DFM Index closed 2.51 per cent lower at 1,832.09 with bears outpacing the bulls.

"There's more negative news the market is expecting, mainly with regard to the banking sector. Dubai's debt situation hasn't been fully addressed yet," Mousa Haddad, head trader with the National Bank of Abu Dhabi, told Gulf News. However, analysts also say the Dubai market may gain momentum early next year on the back of fiscal fourth-quarter financial results. Yesterday, shares worth Dh466.03 million changed hands with 247.96 million shares traded.

As many as 58.90 million shares of real estate major Emaar, worth nearly Dh230.53 million were traded.

Of the 27 companies traded, as many as 3 rose, 23 felln and 1 remained unchanged. The top gainer was AlMadina, which closed 4.81 per cent higher at Dh1.09. CBD was the top loser, down 5 per cent at Dh3.80.