UAE stock markets pause after rally

Abu Dhabi: UAE markets reported a mixed performance on Monday, with Abu Dhabi Securities Market (ADSM) advancing by 0.48 per cent to 4,507.76 and Dubai Financial Market (DFM) retreating by almost one per cent to 5,626.22.

In Dubai, profit-booking led to the decline, after the strong gains recorded on Sunday, especially in the real estate sector. Emaar Properties plunged 1.12 per cent to Dh13.25 while Union Properties declined 2.49 per cent to Dh4.70.

All the sectors ended the session in the red, except for the materials sub-index which advanced by 2.5 per cent and the consumer sector which was unchanged.

With the exception of Dubai Investments (DIC), most of the leading shares ended the session in the red, including DFM's shares which fell by 1.8 per cent to Dh5.56.

In Abu Dhabi, the modest gains reflected the relative easing of the rally, despite the consistent gains of the real estate and banking sectors. Nevertheless, profit-booking dragged etisalat down by 0.64 per cent to Dh23.65, after the company recorded gains of about seven per cent on Sunday.

In the banking sector, the gains of 0.64 per cent recorded by the National Bank of Abu Dhabi offset the negative impact of etisalat's fall on the general index, with the rally continuing on the promising sector as Abu Dhabi Commercial Bank and First Gulf Bank continued to record strong gains.

In the real estate sector, Aldar was unchanged at Dh11, while Sorouh Real Estate fell by 1.5 per cent to Dh7.95.