Emirates NBD Shines amid Dull Trading

DUBAI — UAE shares barely changed on Tuesday in dull trading, with declines in global markets and a retreat in oil prices weighing on sentiment.

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By Rocel Felix

Published: Wed 26 Aug 2009, 10:50 PM

Last updated: Sun 5 Apr 2015, 9:34 PM

Index mover Arabtec Holding, the country’s biggest construction company outperformed the Dubai bourse, adding 1.4 per cent to Dh2.82, a day after clinching a Dh687 million tower project. The benchmark index of the Dubai Financial Market was flat at 1,848.38, while the main index of Abu Dhabi Securities Exchange dipped by 0.2 per cent to 2,833.45.

Volumes in both bourses were lower, with Dh226.9 million and Dh201.9 million worth of shares changing hands in Dubai and Abu Dhabi respectively.

Majority of investors shied away from the markets as Asian stocks fell in early trade. Most European shares were also weak. Investors were also edgy ahead of an anticipated weak opening on Wall Street, where a wave of economic reports will be released soon.

“Everybody is on a wait-and-see mode. The next couple of sessions will see more sideways trading as there are no big news to bring investors back in,” said Haissam Arabi, Chief Executive Officer and fund manager at Gulfmena Alternative Investments. Dubai index heavyweight Emaar Properties inched up by 0.6 per cent to Dh3.13. Deyaar Development lost 1.4 per cent to Dh0.71, while Union Properties clawed back some of its recent losses to end up 1.1 per cent higher at Dh0.92.

Emirates NBD, the country’s biggest bank by assets, added 1.9 per cent to Dh3.70. Goldman Sachs on Monday, maintained its ‘buy’ rating on Emirates NBD and raised its target price to Dh5.71 from Dh5.35.

Shuaa Capital, UAE’s largest investment bank shed 4.5 per cent at Dh1.48. Contracting and engineering company Drake&Scull International inched down by 1.1 per cent to Dh0.87.

A decline in oil prices also weighed on stocks, as crude oil futures in New York dropped to $73.41 a barrel from Monday’s 10-month high of $74.81.

“Investors will be looking at global catalysts with no local news expected. Stocks will only likely pick up towards the end of the Ramadan when investors start to reposition. Until that time, there won’t be drastic movements in the market,” said Arabi of Gulfmena Alterntive Investments.

In Abu Dhabi, property market leader Aldar Properties gained 1.7 per cent at Dh4.68. Abu Dhabi National Energy Company lost 1.2 per cent at Dh1.66.

Arkan Building Materials Company declined by 3.1 per cent to Dh3.92. The Abu Dhabi bourse said it will allow social security beneficaries to buy shares in the company.

Abu Dhabi Commercial Bank edged down by 1 per cent to Dh1.90. Citigroup upgraded the bank to a ‘sell’ from ‘buy’ and raised its price target to Dh2.52 from Dh1.44. rocel@khaleejtimes.com

Rocel Felix

Published: Wed 26 Aug 2009, 10:50 PM

Last updated: Sun 5 Apr 2015, 9:34 PM

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