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DFM up in thin trade; ADX slips
DUBAI — UAE bourses closed mixed on Wednesday in low trade as falling oil prices and developments in the eurozone continued to weigh in on the regional markets.
The Dubai Financial Market’s General Index, or DFMGI, recovered from Tuesday’s five-month low as retail investors buy bluechips at low valuations. However, the Abu Dhabi Securities Market’s General Index, or ADXGI, remained bearish and closed in negative columns for the ninth consecutive session.
The DFMGI advanced 28.65 points, or 1.22 per cent to 1,549.80 points. Out of 30 stocks traded yesterday, 23 posted gains while three remain unchanged and four declined as investors exchanged 107.73 million shares worth Dh174.66 million shares on the exchange.
Developer Deyaar surged 5.43 per cent to 0.33 fils and property major Emaar gained 2.22 per cent to Dh3.22. Union Properties advanced 2.14 per cent to 0.38 fils.
In banking sector, investment bank Shuaa Capital climbed 4.84 per cent to Dh1.30. Emirates NBD, the region’s largest bank, rose 0.75 per cent to Dh2.67 and Dubai Islamic Bank gained 0.48 per cent to Dh2.10.
“Today’s [Wednesday’s] rebound was more technical in nature. We had some retail traders buying in looking at technical levels in the market,” said Chamel Fahmy, regional sales trader at Beltone Financial. However, Fahmy cautions that global cues like falling oil prices and developments in the eurozone may continue to weigh in on the markets in the short-term.
Bears rule on ADX
The Abu Dhabi Securities Market remained in tight grip of bears and closed in negative columns for the ninth straight session as banking shares continued their decline in absence of major players in the market. The benchmark index declined 3.44 points, or 0.13 per cent, to 2,549.55 points.
Abu Dhabi Commercial Bank dropped 1.8 per cent lower, while Union National Bank declined two per cent. First Gulf Bank gained 2.02 per cent to Dh14.85.
Emirates Telecommunications Corporation, also known as Etisalat, fell 0.5 per cent after confirming it is looking to buy a stake in an Indian mobile operator, following a report that it was in talks with India’s Reliance Communications for a $3.8 billion deal. The shares in UAE’s telecom giant closed at Dh10.40.
RAK Properties and Abu Dhabi National Hotel fell 2.44 per cent and 2.19 per cent, respectively. Union Cement Company advanced 3.5 per cent to Dh1.48.
In terms of value, Aldar Properties remained a most active share on the exchange as its Dh22.02 million shares changed hands on ADX. In terms of volume, Dana Gas remained on top as its 24.12 million shares were traded on the exchange.
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