Dubai: Trading activity on UAE bourses tumbled further due to lack of fresh catalysts even as traders globally were in risk-off mode.
Traded value tumbled Dh96 million on Sunday compared to Dh252 million on Thursday. “Volumes are low, in a typical characteristic of our markets, where volumes dry up in a falling market and jump in a rising one,” Vrajesh Bhandari, portfolio manager with Al Mal Capital said.
The Dubai Financial Market General index fell 0.40 per cent to 3,071.09, extending its decline for a fifth day.
“UAE markets are reacting to the weak global lead as US stocks fell sharply on Friday on further ‘trade war’ jitters. Oil prices also took a hit given China is an importer of US crude,” Bhandari said.
The Dow Jones Industrial Average witnessed another bout of selling, with 2 per cent decline in the gauge.
In stock specific action, Emaar Properties continued its losing streak. Emaar closed 0.54 per cent lower to Dh5.55. Dubai Entertainments closed 3.55 per cent lower to Dh0.435.
DP World closed almost flat at $22.91 while Gulf Finance House closed 1.49 per cent higher to Dh1.32. Dubai Islamic Bank closed flat at Dh5.30.
The Abu Dhabi Securities Exchange general index closed 1.83 per cent lower to 4,602.88.
Waha Capital closed more than 5 per cent lower to Dh1.84 while Julphar Pharmaceuticals closed 8.33 per cent lower to Dh2.2 and InvestB closed 4.4 per cent lower to Dh2.39.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.23 per cent higher to 7,971.35.
Saudi Basic Industries Corp closed 1.21 per cent higher to 118.60 Saudi riyals, while Saudi Kayan closed 1.41 per cent higher to 14.40 riyals.
The Qatar exchange index closed 0.13 per cent lower to 8,781.83. The Muscat MSM 30 index closed 0.46 per cent higher to 4,821.19.
The Bahrain all bourse index closed 0.12 per cent higher to 1,284.49.
