ADX gains on Aabar news; property drags DFM

DUBAI — UAE bourses on Sunday opened the week on a mixed note in thin trade. The Dubai Financial Market fell into negative columns while Aabar Investments boosted the positive sentiment at Abu Dhabi Securities Market.

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By Muzaffar Rizvi

Published: Mon 19 Jul 2010, 11:15 PM

Last updated: Mon 6 Apr 2015, 4:54 PM

Aabar Investments yesterday ended 9.7 per cent higher, lifting the Abu Dhabi market. The benchmark index turned positive and rose 0.11 per cent to 2,526.44 points in low trade. Out of 25 stocks traded yesterday, eight posted gains while six remain unchanged and 11 declined as investors exchanged only 18.20 million shares worth Dh37.77 million on the exchange.

“I believe that the small investor got mostly hurt in this, and he is the one the regulator is trying to protect the most in this market, and that is not what happened here,” said Mohamed Ali Yasin, Chief Executive Officer of Shuaa Securities.

Aabar’s gains help more than offset decline in Dana Gas and Bank of Sharjah, which fell 1.4 per cent and 4.9 per cent, respectively. Besides Aabar, Waha Capital and etisalat also contributed in gains and rose 1.75 per cent and 0.97 per cent, respectively.

DFM turns bearish

The DFM’s General Index ended 0.83 per cent lower to 1,507.61 points, despite a strong performance from du, which advanced 2.49 per cent to Dh2.06.

Out of 29 stocks traded yesterday, only six companies posted gains while 20 declined as investors exchanged only 53.05 million shares worth Dh87.18 million on the exchange.

Emaar declined 0.6 per cent to Dh3.29 while Arabtec and Union Properties dropped 2.72 per cent and 0.26 per cent, respectively.

muzaffarrizvi@khaleejtimes.com

Muzaffar Rizvi

Published: Mon 19 Jul 2010, 11:15 PM

Last updated: Mon 6 Apr 2015, 4:54 PM

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