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Equities End Losing Streak, but Volumes Slip Below 100 Million Mark
DUBAI — UAE markets on Tuesday ended their losing streak and settled into the positive territory in thin trade, with volumes in Dubai hitting an 11-week low due to a lack of investors’ interest in taking fresh positions.
Dubai Financial Market’s General Index rose just 0.48 per cent, or 7.78 points, to 1,621.99 points in thin market activity, reflecting the mood of investors seeking clarity on the Dubai World’s multi-billion debt restructuring. Out of 31 stocks traded, 18 posted gains while 11 remain unchanged and two declined as only 95.91 million shares worth Dh173 million changed hands in the market.
Emaar Properties climbed 1.33 per cent to Dh3.05, Dubai Financial Market rose 2.68 per cent to Dh1.53, and Arabtec Holding gained 2.84 per cent to Dh2.17. The trio accounted for more than half of all shares changing hands in the market.
Union Properties, which posted about half a billion dirhams annual loss in 2009, recovered from initial shocks and posted a two per cent gain to Dh0.5 a share.
In the banking sector, Emirates NBD, the region’s biggest bank, declined 2.69 per cent and close the day at Dh2.53.
“Volumes are still low — people are waiting to see what comes out of Dubai World and no news is not good news at this point,” said Ayman El Saheb, Darahem Financial Brokerage director of operations.
Stocks in Dubai and Abu Dhabi had tumbled in past two days as investors squared off their positions amid speculation over Dubai World’s debt restructuring plans.
“Some investors could be waiting for prices to down a bit more, but in the absence of any news and with continued low volumes, it’s anybody’s guess where the market will move, although more sideways trading is likely,” El Saheb added.
“Low volumes mean it takes less to move the index, making it more unpredictable, so volatility should persist,” he said.
Abu Dhabi Securities General Index followed the Dubai market and rose 0.71 per cent to 2,729.95 points, as Aldar Properties rallied to Dh 3.87. The developer climbed 1.3 per cent to reduce its losses this week to 3.3 per cent. Aldar plunged after reporting a shock fourth-quarter loss.
“Aldar’s results were below expectations — today’s rise could be a dead cat bounce or maybe investors are buying at lower prices for the longer term,” Saheb added.
First Gulf Bank finished the day at Dh16.65 while National Bank of Abu Dhabi closed at Dh11.60.
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