UAE stocks retreat but still end with gains over last week

Dubai: UAE shares retreated on the last trading session of the week, though both markets registered gains over last Thursday.

Dubai Financial Market fell for the sixth time in the past eight sessions to close 0.40 per cent lower at 5508.82. Abu Dhabi Securities Exchange declined for the first time in four days to lose 0.31 per cent to end at 5080.93.

However, for the Dubai bourse, the gain over last week's close was 1.40 per cent with volumes jumping nearly 151 per cent. The Abu Dhabi market pushed up 2.49 per cent with its volumes also up 82 per cent.

Trading volumes continued to increase, with Dubai and Abu Dhabi having a turnover of Dh2.17 billion and Dh1.57 billion respectively. Ajman Bank, the top traded stock, continued its positive run and ended 2.84 per cent up to close at Dh3.26. It has surged 30.4 per cent this week, over last week's close of Dh2.50. Union Properties, the Dubai based real estate developer, added 5.27 per cent in the past two sessions to close at Dh5.53.

Air Arabia fell 1.60 per cent, while Emaar Properties slipped 1.83 per cent to Dh10.75. Deyaar Development dropped 4.09 per cent to Dh2.13. Emirates NBD again ended flat at Dh12.

In Abu Dhabi, it was a mixed bag for the blue chip companies. First Gulf Bank, one of the best performers this season and which increased 10 per cent over the past three sessions, dropped 2.07 per cent to Dh28.45. National Bank of Abu Dhabi increased 0.72 per cent to Dh21.00, whereas Abu Dhabi Commercial Bank dropped lower to close at 5.18.

In the real estate sector, while Sorouh Real Estate was down 0.93 per cent. Aldar Properties climbed 0.39 per cent.

While Aabar Petroleum jumped 7.82 per cent to Dh4.41 on the announcement that it will meet to discuss about possible issuing of convertible bonds to an unidentified investor, Dana Gas and Abu Dhabi National Energy ended lower, 1.46 per cent and 1.24 per cent respectively.