Mixed day for UAE markets

Abu Dhabi Securities Exchange (ADX) shed 0.21 per cent to close at 2,925. The index dropped slightly from its four-month high t on Monday, its peak since mid-November, before Dubai World sought a debt standstill from its creditors and regional markets slumped.

Most banks suffered losses, but First Gulf Bank (FGB), Abu Dhabi Islamic Bank and Union National Bank bucked the trend. FGB closed up 0.56 per cent at Dh18.

Market movers Aldar, Sorouh and Dana Gas also lost ground, with developer Aldar shedding 0.85 per cent to Dh4.65 and Sorouh falling 2.36 per cent to Dh2.48. Aabar Investment shed 0.43 per cent to Dh2.34 despite its majority stake acquisition in Dubai's contractor Arabtec moving forward.

"Abu Dhabi is …good and bad. In a downward market it doesn't go down as fast. However, in an upward market it is also much slower [than other regional markets]. That's why you see it lagging because of that," said Mohammad Yasin, Shuaa Securities chief executive.

Etisalat saw significant trading, closing up 0.4 per cent to Dh12.65.

The session saw 89 million shares traded at a value of Dh188 million.

"Although above 2,900 is a good place to be, I would call it a consolidation phase," Yasin said.

He said that as news starts to filter in of companies' performance in the first quarter, it would provide some positive momentum to the market.

Dubai

Dubai's stock exchange closed up 0.95 per cent, recovering some of the previous day's profit booking. The index closed at 1,850, slightly below the three-month high of 1,886 hit the day after Dubai World announced its debt-restructuring proposal.

"There was a good movement in markets. Although after yesterday's [Monday's] profit-taking, you would have expected to see more of it, but the market has accumulated gains," said Mohammad Yasin, Shuaa Securities chief executive.

Stocks that recovered included Arabtec, up 6.67 per cent to Dh2.72, Emaar, up 1.01 per cent to Dh4 and DFM, which gained 1.60 per cent to Dh1.91.

"Dubai is starting to trade in a new rage of 1,800. It's a good sign and is building a base to go upwards. Although we see profit-taking at various intervals of the day, the strength of the market is strong," Yasin said.

Meanwhile, DFM executive chairman Essa Kazim said its merger with Nasdaq Dubai would be finalised within two weeks. He said the approval by regulators is in the last stages and should be complete soon.

Shuaa Capital, the country's largest investment bank, saw the biggest gains, closing up 8.89 per cent to Dh1.47, while the biggest losses were suffered by Global, which fell 6.06 per cent to Dh1.24. The session saw 400 million shares traded.

"Volumes are a bit less, but it's a very good improvement on what we used to have."

Dubai: Top Traded Close %cg