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Dubai Financial Market’s General Index rose 0.4 per cent, or 6.45 points, to 1,628.44 points in thin trade, as many investors stayed on the sidelines. Analysts said the market will continue to trade in a tight range as investors were unlikely to take fresh positions in the post-earnings season and until a proposed Dubai World debt restructuring plan, source of much agony for the market, is made public.
Out of 31 stocks traded, 10 posted gains, eight remained unchanged while 13 declined with only 97.32 million shares, worth Dh169.59 million, changing hands.
Emirates NBD climbed 2.4 per cent to Dh2.59, trimming its losses to 3.4 per cent since Sunday when markets declined amid speculation over Dubai World’s debt restructuring plans. Emaar Properties climbed 0.7 per cent to Dh3.07.
“The market was range bound and we’re still facing problems because of the rumours about Dubai World,” said Marwan Shurrab, Vice-president and chief trader at Gulfmena Alternative Investments.
“That’s putting noticeable downward pressure on the market. Trading is extremely low, even compared to the recent average.”
Abu Dhabi shares advanced to their highest in more than a month as Emirates Telecommunications Corp, also known as Etisalat, hit a 15-week high. The Middle East’s leading telecom operator climbed 3.1 per cent to Dh11.80, the highest since October 28, as investors increasingly looked for stocks with high dividend returns in the absence of capital appreciation.
Abu Dhabi Securities Exchange’s General index rose 1.1 per cent to 2,759.15 points, the highest since January 11.
“Etisalat has been performing extremely well and it’s a pure dividend play,” Shurrab said.
“Etisalat is a safe haven and so if investors don’t want volatility they head towards the more stable telecoms and cement sectors, which also offer good dividend yields.”
UAE investors in the past have typically placed less importance on dividend yields.
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