| 03 Jul 2009 |
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UAE's markets recover slightly on thin volumes
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Dubai Financial Market and Abu Dhabi Securities Exchange recovered marginally yesterday on the back of restricted buying support.
The DFM general index rose 11.04 points, or 0.61 per cent, to 1821.19 points, against its previous close of 1810.15 points. The ADX general index added 1.62 per cent to move to 2671.29 points on limited buying support in banking, construction, real estate and energy stocks. The ADX's gain was of 42.51 points over its previous close of 2628.78 points.
"Both UAE bourses recorded low volumes in the absence of any fresh buying interest. In terms of the value of trading and volatility, the UAE markets were moving in a cautious way, with investors hesitant about the future direction of trading," senior market analyst Wadah Al Taha said.
Trading turnover on the DFM was Dh560 million, as more than 408m shares changed hands in 7,729 deals in 24 stocks. Nineteen stocks advanced, three declined and two remain unchanged in value.
The ADX witnessed thin volumes, with the turnover at Dh253m. More than 197m shares were traded on the capital's bourse in 3,336 deals. While 21 stocks advanced, 12 declined and one remained at its previous level.
On the DFM, Emaar Properties' shares rose 1.45 per cent to Dh2.80 yesterday. Aramex shares continued to rise, going up 1.44 per cent to Dh1.41. Aramex, Arabtec, Emaar, DFM, Gulf Navigation and DSI were the actively traded scrips. Barring the banking segment, all sub-indices closed higher.
Meanwhile, real estate major, Deyaar Development, announced Abdullah Al Hamil as its new chairman following the resignation of Nasser Al Shaikh last month.
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