Abu Dhabi: UAE markets went into correction mode yesterday as investors booked profits, dragging the Emirates Securities general index down 1.59 per cent to 5,408.06 at the close of trading.
The Abu Dhabi Securities Market (ADSM) general index fell 2.44 per cent yesterday to close at 4,108.32 after Sunday's sustained rally, which pushed the market index to an 18-month high.
The Dubai Financial Market (DFM) index fared better in comparison, declining 1.27 per cent, closing at 4,835.79.
While 514.59 million shares worth more than Dh1.80 billion were traded on the ADSM, the value of shares traded on DFM crossed Dh2.56 billion, with more than 698 million shares changing hands.
Normal
"The rally in the markets was steep in the last couple of days. Today's profit taking was healthy and completely normal," a market analyst told Gulf News.
Market analysts said DP World's decision to list its shares on the Dubai International Financial Exchange is generally positive for the markets and its impact could be seen in the trading days ahead.
However, a senior executive at Shuaa Capital, lead managers for DP World's initial public offering (IPO), declined to discuss the matter, citing confidentiality.
Oasis International Leasing Co (OILC), was the most actively traded share on ADSM yesterday. The day's main gainer on the market was Abu Dhabi Ship Building Co (ADSB), whose shares rose 6.65 per cent to close at Dh4.49 per share. National Marine Dredging Co (NMDC), was the main loser of the day, with its shares ending at Dh5.28, down 9.43 per cent.
In Dubai, shares of real estate developer Deyaar were the most actively traded, while shares of Salam International gained the most, closing 14.64 per cent higher at Dh13.70. The day's main loser on the DFM was ARMX, whose shares lost 6.15 per cent, closing at Dh2.90.
Looking ahead, experts said yesterday's correction was a minor blip as the UAE markets are growing increasingly healthier.
"Heavy foreign fund inflows led by institutional investors and strong corporate earnings of the third quarter will drive both these markets," said a Dubai-based investment banker.
