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Equities remain bearish

Analysts said low volumes and high volatility are expected to dominate the trading in days to come.

Dubai Financial Market’s General Index declined 19.90 points, or 1.31 per cent, to 1,502.69 points in thin trade as volumes dropped to 84.15 million shares from 88.95 million shares a day before.

Out of 23 stocks traded yesterday, only one posted gains while one remain unchanged and 23 declined as investors traded shares worth Dh138.94 million shares on the exchange.

Real estate stocks came under considerable selling pressure while banking shares fell after a Moody’s report maintained a negative outlook 
on UAE banks.

Emaar Properties declined 2.22 per cent and Arabtec retreated 2.6 per cent. In banking sector, Emirates NBD, fell 0.8 per cent and Dubai Islamic bank declined 1.5 per cent.

Dana Gas extended losses and declined over six per cent to 0.62 fils, weighing on the Abu Dhabi Securities Market’s General Index. The benchmark index dropped 16.36 points, or 0.65 per cent, to 2,510.69 points.

Aldar Properties dropped 1.6 per cent while First Gulf Bank and Commercial Bank International retreated 1.7 per cent and 4.76 per cent, respectively.

On positive side, Finance House surged 8.59 per cent and Abu Dhabi National Insurance Company rose 10 per cent. — muzaffarrizvi@khaleejtimes.com