DFM declines, ADX gains

UAE stocks had a mixed day yesterday as Dubai declined and Abu Dhabi gained, both marginally, amid global uncertainty on US shutdown continuing and locally, no official confirmation coming on the merger of the two bourses after last week’s news reports that both hired banks to advise.

The DFM General Index lost 0.30 per cent to close at 2814.58 . Overall, 1.06 billion shares worth Dh941.99 million were traded on Dubai’s market. Of 29 stocks traded yesterday, 16 retreated, 10 advanced and three remained unchanged.

In Abu Dhabi, the stock benchmark ADX General Index was up 0.26 per cent to 3867.99. A total of 177.76 million shares were traded, which were worth Dh279.34. Of 28 stocks traded, 12 lost, 11 gained and five were flat.

Though they rose on Friday, the fourth day of the shutdown, both Dow Jones and S&P 500 ended in the red for the week and are expected to be volatile this week if there is no resolution to raise the debt ceiling is in sight. At the moment it looks unlikely.

In Dubai, Gulf Finance House, the top stock in terms of value traded, surged 10.62 per cent to Dh0.573. Deyaar Development also closed higher, up 4.22 per cent to Dh0.667. Depa, the interior design contracting firm, jumped 8.33 per cent to $0.520.

Among the losers included Dubai Investments (DIC), which slipped 0.96 per cent to Dh2.06; Union Properties, which declined 2.94 per cent to Dh0.824 and DFM, which ended 0.91 per cent lower to Dh2.19.

In Abu Dhabi, Aldar Properties remained flat at Dh2.66. Dana Gas, Waha Capital and Rak Properties retreated 1.45 per cent, 1.50 per cent and 1.35 per cent respectively. Etisalat was up 0.86 per cent to Dh11.75 and First Gulf Bank gained 0.90 per cent to Dh16.85.