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Emirates Integrated Telecommunications Company, popularly known as du, dropped 4.13 per cent to Dh2.09 after completing a $272 million rights issue while Dubai Islamic Bank and Arabtec declined 0.99 per cent and 0.53 per cent, respectively.
The Dubai Financial Market’s General Index, or DFMGI, fell 5.81 points, or 0.38 per cent, to 1,533.17 points in low trade as investors stayed away from the market. Out of 25 stocks traded yesterday, nine posted gains while three remain unchanged and 13 declined as investors exchanged 92.66 million shares worth Dh109.67 million shares on the exchange.
“Europe’s problems appear to be ongoing and investors are losing interest, turning to commodities such as gold and petrol,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi.
In the Gulf, “there is some concern over second-quarter earnings.”
On the positive side, Emaar Properties edged 0.31 per cent higher and finished the day at Dh3.27. Tabreed and Union Properties also moved up and gained 2.12 per cent and 1.05 per cent, respectively.
“I don’t think anything major will happen until after Ramadan — everything is drifting and the market should remain range bound,” said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.
Above-forecast second-quarter earnings could lift some stocks, however, Wakeman said.
“We’re cautious about how banks will perform, but companies like Emaar should do pretty well,” he added.
“The Saudi market is now at levels where there is room for an upside reaction to second-quarter results,” Wakeman said.
The Abu Dhabi Securities Market’s General Index followed the neighbouring emirate and fell into negative columns after staying range-bound at the weekend. The benchmark index fell 2.28 points, or 0.09 per cent, in thin trade as banking sector weighed on the market.
Finance House and Sharjah Islamic Bank dropped 9.66 per cent and 3.57 per cent, respectively.
On the positive sides, Union Cement Company and Abu Dhabi Commercial Bank advanced 8.84 per cent and 1.30 per cent, respectively.
In terms of value and volume, Dana Gas remained on top as its 23.13 million shares worth Dh16.15 million were traded on the exchange.
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