Dubai Financial Market’s General Index, or DFMGI, fell 26.46 points, or 1.54 per cent, to 1,692.40 points in thin trade as volumes dropped to 103.56 million from 157.48 million shares on weekend.

Out of 27 stocks traded yesterday, only two shares posted gains, while three remain unchanged and 22 declined in across the board selling as investors stayed away from the ring. Emaar Properties dropped 2.09 per cent to Dh3.75, Arabtec Holding declined 2.07 per cent to Dh2.36 and Union Properties lowered 1.47 per cent to 0.47 fils. Deyaar dropped 1.75 per cent to 0.39 fils.

“European markets fell over the weekend, oil is trading very low, this is all giving a bearish sentiment,” said Marwan Shurrab, Vice-President and chief trader at Gulfmena Alternative Investments.

“Volumes are also low and international investors are unwilling to take high risks due to the global markets,” he added.

In banking sector, Emirates NBD fell 3.33 per cent to Dh2.90 and Dubai Islamic Bank closed 0.90 per cent down at Dh2.21.

DFM Company, the bourse operator, declined 1.16 per cent to Dh1.71 and Emirates Integrated Telecommunications Company, or du, 
0.25 per cent to Dh2.54.

Aabar Investments shines at ADX

Abu Dhabi Securities Market’s General Index, ADXGI, ended 16.33 points, or 0.58 per cent, lower at 2,787.06 points as property stocks fell in thin trade. Out of 24 stocks traded on the exchange, only five shares posted gains while two remain unchanged and 17 declined as investors exchanged only 48.15 million shares worth Dh26.22 million.

Aldar Properties and Sorouh Real Estate fell 3.32 per cent and 2.6 per cent, respectively.

Qtel shares plunged 9.96 per cent to Dh152.7 and National Bank of Abu Dhabi dropped 2.50 per cent to Dh11.70.

On positive sides, Aabar Investments gained 0.97 per cent to Dh2.10 after posting a 51 per cent jump in first-quarter net profit. Union National Bank closed 0.29 per cent up at Dh3.40. In terms of value, Aldar Properties remained a most active share on the exchange as its Dh11.52 million shares changed hands on ADX. In terms of volume, Dana Gas remained on top as its 10.96 million shares were traded on the exchange. 
— muzaffarrizvi@khaleejtimes.com