Abu Dhabi: The UAE bourses ended the week with minor changes as the Dubai Financial Market (DFM) index gained 0.17 per cent on Thursday to reach 4,734.76, while the Abu Dhabi Securities Exchange (ADX) general index went up 0.18 per cent to reach 4,925.14.
This brings the total change on the DFM index this week to a drop of 2.02 per cent as trade activity remains weak with low volumes everyday since the beginning of August. While Dh455.8 million were traded on DFM, Dh125 million were traded on ADX.
Dubai powerhouse, Arabtec, gained 0.99 per cent to reach Dh4.1, bringing its weekly losses to 3.48 per cent. Meanwhile, Emaar rose 1.56 per cent, Gulf Finance House grew 0.59 per cent, and Union Properties inclined 0.48 per cent. However, Dubai Islamic Bank fell 0.26 per cent, and Deyaar Developments remained flat.
In Abu Dhabi, Finance House topped the gainers’ list with an 11.47 per cent change, followed by Abu Dhabi Ship Building Co with 1.89 per cent, National Bank of Abu Dhabi with 1.45 per cent, and Sharjah Cement and Industrial Development Co. with 0.91 per cent.
Economic researcher, Mohammad Al Hammadi, commented on Thursday’s market performance saying that it was marred with stability, and caution from investors.
“The purchasing power is currently very weak because a lot of the big investors are on holiday, so there isn’t enough liquidity in the market to drive a strong change in the index. Most of the investors who are still trading are not selling stocks either,” he said.
Al Hammadi expected strong trading activity to resume in September with more financial results of the second quarter being announced, and more liquidity entering the market.
As for the performance of ADX in particular, he said, “The figures on ADX do not encourage trade, so a lot of stocks end the day with no changes. I don’t expect any major changes throughout August unless some drastic news come out that really affect the market.”
Of the 30 stocks traded on DFM, 13 went up, 10 went down, and seven remained unchanged. Of the 27 stocks traded on ADX, nine advanced, five declined, and 13 remained flat.