• Home
• /
• Local business

Bourses edge up on low volumes

Abu Dhabi Securities Market staged a mild recovery as bank stocks weighed on the benchmark index in thin trade.

After mounting a late Monday rally, Dubai stocks opened lower on Tuesday, highlighting the short-term outlook of investors as they booked immediate profits. The Dubai Financial market’s General Index, or DFMGI, edged up 1.25 point, or 0.07 per cent to 1,714.21 points. Out of 26 stocks traded yesterday, 14 posted gains, while three remain unchanged and nine declined as volumes further improved to 151.93 million from 113.58 million shares a day before.

“Today, we saw a rebound, but there’s not much turnover and we’re simply following international markets — people aren’t trading on any new news coming out,” said Marwan Shurrab, Vice-President and chief trader at Gulfmena Alternative Investments.

Dubai Financial Market, the bourse operator, rose 0.57 per cent to Dh1.75, Dubai Islamic Bank advanced 0.90 per cent to Dh2.24 and Union Properties gained 1.28 per cent to 0.47 fils.

Emirates NBD, the region’s largest bank, climbed 0.34 per cent to Dh2.96 and Tabreed rose 2.89 per cent to 0.46 fils. On negative sides, Shuaa Capital declined 2.82 per cent, Aramex fell 1.29 per cent and Arabtec Holding dropped 0.84 per cent.

“It’s a trading mentality and people are just looking for quick opportunities to benefit from international and local volatility,” said Shurrab.

ADX turns positive

Abu Dhabi Securities Market’s General Index rose 10.93 points, or 0.39 per cent, to 2,787.70 points, despite volumes dropped to a two-week low. Investors exchanged 38.45 million shares worth Dh78.97 million on the exchange yesterday as banking sector remained bearish and most of the shares in banks and financial services sector fell into negative columns. Finance House led the decline as its shares plunged 9.21 per cent to Dh5.09 while Sharjah Islamic Bank and RAKBank dropped 2.11 per cent and 1.23 per cent, respectively. However, National Bank of Abu Dhabi rose to Dh11.70 and First Gulf Bank climbed to Dh18.25.

In property sector, RAK Properties gained 2.13 per cent to 0.48 fils and Aldar advanced 1.87 per cent to Dh3.78.

In terms of value, Aldar Properties remained a most active share on the exchange as its Dh28 million shares changed hands on ADX. In terms of volume, Dana Gas remained on top as its 11.99 million shares were traded on the exchange. 
— muzaffarrizvi@khaleejtimes.com