| 02 Sep 2010 |
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Markets
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Thursday, Sep 02, 2010
Buoyed by improved sentiment in the US markets overnight and Asian markets early yersterday, Dubai shares advanced yesterday for the second consecutive day.
Led by Emaar Properties, the total trading volumes rose by more than 11 million shares to register a 30 per cent spike in turnover, which stood at Dh84.03 million. The benchmark Dubai Financial Market General Index rose 0.76 per cent to close at 1497.78.
“We didn’t see any market moving news out here. So we can conclude that the market got some direction form global markets, mainly the US and Asian ones,” said Nicholas Wright, head of institutional services at Mubasher Financial services , a brokerage firm based in Dubai.
Emaar’s which according to Wright saw foreign institutional buying had a turnover worth Dh41.61 million and it closed 1.22 per cent higher at Dh3.32. Global Investment House was the biggest gainer on the day, jumping 12.41 per cent to end at Dh0.987.
The other high turnover stocks which advanced included logistics and courier company Aramex, low cost carrier Air Arabia and Dubai Islamic BankDubai Islamic Bank
. Dubai Islamic BankDubai Islamic Bank rose 1.61 per cent to Dh1.89 after Goldman Sachs raised its recommendation.
Of the 26 stocks traded yesterday, 18 moved up, six declined and two remained unchanged. Among the top losers were Al Salam Bank of Bahrain and Takaful House (Dar Takaful), which fell 9.69 per cent and 4.95 per cent respectively.
— Gaurav Ghose, Financial Features Editor
With most blue chip stocks remaining unchanged, the Abu Dhabi Securities Exchange index remained almost flat, rising a mere 0.12 per cent yesterday.
The volumes went up by 3.38 million shares with the turnover jumping 18.35 per cent from Dh106.49 million to Dh126.03 million. The benchmark closed at 2494.52.
“When compared to Dubai, Abu Dhabi is more stable market, less affected by news, both positive or negative,” said Nicholas Wright, head of institutional services at Mubasher Financial services , a brokerage firm based in Dubai. “It is also relatively less volatile too.”
He added that the overall participation by retail , regional and foreign institutions remains low as expected during Ramadan.
“Activity is likely to pick up from the third week of September,” he added.
Gaurav Ghose Financial Features Editor
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