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Stock markets remain bearish in thin trade

DUBAI — UAE bourses on Tuesday remained bearish in thin trade as cautious investors await first-quarter results and clarification on creditors’ response to Dubai World’s debt restructuring offer.

Dubai Financial Market’s General Index, or DFMGI, ended lower for a fourth straight session, slipping to a month-low. The benchmark index fell, 1.62 point, or 0.09 per cent to 1,744.40 points, its lowest finish since March 18.

Out of the 28 stocks traded yesterday, 12 posted gains, while one remain unchanged and 15 declined as volume dropped to five-week low. Investors exchanged 131 million shares worth Dh283.77 million on DFM yesterday.

Emirates Integrated Telecommunications Company, or du, fell 4.76 per cent to a nine-month closing low. Its shares declined for a second day since unveiling plans for a Dh1 billion rights issue and closed the day at Dh2.60.

“Many investors are reluctant to put money into the rights issue — they would rather sell now and then buy back once the issue is completed,” said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.

In property sector, Emaar gained 1.58 per cent to Dh3.86 while Deyaar and Union Properties dropped 1.78 per cent and 1.08 per cent, respectively.

In banking sector, Emirates NBD declined 1.97 per cent to Dh2.98 while Dubai Islamic Bank advanced 0.90 per cent to Dh2.25.

ADX at Six-week Low

Abu Dhabi Securities Market’s General Index, or ADXGI, yesterday hit six-week low as banking shares declined across the board. The benchmark index dropped 0.15 per cent to 2,805.35 points, its lowest finish since March 9.

First Gulf Bank dropped 2.1 per cent to Dh19 and Abu Dhabi Commercial Bank fell 3.06 per cent to Dh1.94. Union National Bank declined 2.80 per cent to Dh3.31.

On positive sides, Abu Dhabi Islamic Bank advanced after reporting an increase in first-quarter profit. The bank’s shares rose 1.26 per cent to Dh3.22.

muzaffarrizvi@khaleejtimes.com