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Equities show mixed trends on global economy concerns
DUBAI — UAE bourses on Sunday showed mixed trends in lackluster trade as investor concerns grew about global recovery prospects.
TheDubai Financial Market’s General Index, or DFMGI, turned bearish in volatile low trade. The benchmark index fell 1.53 point, or 0.1 per cent to 1,468.45 points. Out of 28 stocks traded yesterday, eleven posted gains while four remain unchanged and 13 declined as investors exchanged only 50.54 million shares worth Dh62.81 million shares on the exchange.
Du led the decline on DFM and closed 3.03 per cent to Dh1.92. Shuaa Capital and Tabreed also dropped 3.81 per cent and 3.19 per cent, respectively. “Economists recently declared that they fear that despite of the prevailing optimism that the economic crisis might end in the near future, the possibilities that it could worsen also remains as the international economies still did not give a significant sign of a recovery,” said Global Investment House in a research note.
On the positive sides, Dubai Islamic Bank advanced 1.03 per cent to Dh1.96 and Emirates NBD rose 0.40 per cent to Dh2.49.
Abu Dhabi Securities Market’s General Index managed to close in positive columns in range-bound trading. The bench mark index gained 5.90 points, or 0.24 per cent to 2,515.46 points in low trade as investors exchanged only 22.63 million shares worth Dh30.70 million on the exchange.
In terms of value, Etisalat remained the most active share on the exchange as its 6.82 million shares were traded on the exchange. In terms of volume, Dana Gas remained on top as its 8.73 million shares exchanged hands on the exchange.
Regional markets
Most other markets in the Middle East traded flat to lower, with volumes subdued and little or no market direction. Kuwait’s bourse fell for a third consecutive session and dropped 1.7 per cent to 6,321 points to its lowest close for more than five years.
Saudi stocks extended their losses, ending lower for a sixth consecutive day. The benchmark index fell 0.5 per cent to 6,003 points. Egypt’s main index slumped 2.3 per cent to 5,896 points.
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