Wednesday, Dec 26, 2012
Abu Dhabi
The Dubai Financial Market (DFM) index yesterday clawed back to reclaim more than half its Tuesday’s losses. The index gained 0.6 per cent as investors bet the market had been oversold and there was ample room for bargain-hunting.
The market sentiments also got a boost from the news the US President Barack Obama and Congress were preparing to resume budget discussions as the year-end deadline to avoid a package of tax increases and spending cuts in the world’s largest economy approaches.
Yesterday, the investors booked profits in Ajman Bank and DP World, but bought shares in the heavily-traded real estate major Emaar, Dubai Islamic Bank and Deyaar. The volume of trade on the Dubai market picked up compared to Tuesday with more buyers than sellers visible on the market amid higher volume share trading.
The DFM index yesterday closed above the psychological 1,600 level, ending the day at 1,603.71. Around 208.61 million shares, cumulatively worth about Dh194.85 million were traded on the market yesterday. Emaar’s shares cumulatively valued at around Dh31.5 million were traded, its stock closing 0.54 per cent higher at Dh3.72.
Of the 26 company stocks traded yesterday, 15 rose, while 7 fell and 4 closed unchanged. The day’s top gainer was Shuaa Capital, its stock rising 14.99 per cent to close at Dh0.583. Takaful-EM was the day’s main loser, its shares fell 3.85 per cent to close at Dh0.600. The shares Ajman Bank were the most traded by value, while Salam_Bah Al Salam Bank - Bahrain’s shares were the most traded by volume.
Abu Dhabi
The Abu Dhabi Securities Exchange (ADX) general index extended its decline on Wednesday, following a drop of 0.36 per cent on Tuesday amid low volume of share trading. The cumulative value of share transactions was less than Dh66 million yesterday.
Telecommunications major Etisalat’s stock, which has a high weightage on the index, closed 0.11 per cent lower yesterday at Dh9.01. Investors yesterday also sold banking, energy industrial and insurance stocks, but bought real estate stocks which checked the index from declining further.
The stock market index closed at 2,618.68, down 0.38 per cent from Tuesday. Around 53.75 million shares were traded, valued at about Dh67.52 million. Of the 24 company stocks which traded, only 6 advanced, while 11 fell and 7 closed unchanged.
Experts say the Abu Dhabi market is expected to be range-bound until the end of the year with any news related to the proposed merger of Abu Dhabi’s top real estate companies Aldar and Sorouh set to be a big catalyst for upside moves and would stoke foreign buyers’ interest in the local stock market.
The stock of Aldar Properties closed 0.78 per cent lower at Dh1.28. About 7.14 million shares of Aldar, cumulatively worth about Dh9.08 million changed hands on the market yesterday. Sorouh Real Estate’s shares, meanwhile, rose, closing 0.8 per cent higher at Dh1.26.
The top gainer on the Abu Dhabi market yesterday was RAK Properties, its shares closing 2.7 per cent higher at Dh0.38. Julphar was the top loser, its stock ending the day 7.8 per cent lower at Dh2.80. The shares of Etisalat were the most traded in terms of value, while Eshraq’s shares were the most traded by volume.
By Himendra Mohan Kumar Staff Reporter
Gulf News 2012. All rights reserved.
