UAE stock markets close flat

After Wednesday’s surge in stocks on the two Dubai bourses, trading in the UAE remained lackluster yesterday.

The Dubai Financial Market index closed at 2350.91, 0.95 per cent lower, with Developer Deyaar down 3.26 per cent. Benchmark Emaar drifted down 1.02 per cent. Nasdaq Dubai closed at 2445.54, minus 0.94 per cent. In Abu Dhabi, the Abu Dhabi Exchange index rose a modest 0.34 per cent to 3239.14.

The big losers were in the consumer sector which was down 2.33 per cent. However, the construction sector was up 3.46 per cent and telecommunications up 1.20 per cent.
 

Analysts interpret this as a signal of stabilisation, as otherwise nervous profit taking would have had a much worse effect on the trading patterns.