Wednesday, Dec 04, 2013
Dubai: UAE markets ended mixed on Wednesday, with the Dubai benchmark index dropping for the first time in six days amid investors waiting on the sidelines for more opportune levels to enter.
Both volume and turnover of the market decreased yesterday. The turnover declined to Dh619.06 million from the previous session’s Dh937.75 million. The total volume of shares traded also fell from 750.91 million to 540.15 million. Of the 32 stocks traded, 18 advanced, 12 retreated and two remained flat.
The emirate’s index traded higher in the run up to the World Expo 2020 and, since last Thursday, the day after Dubai won the right to host the global event, until Tuesday, it witnessed increases.
The DFM General Index fell 0.28 per cent to 2986.60, with a majority of the most active stocks in terms of value traded declining.
“The market is taking a breather after the announcement of the Expo 2020,” said Sebastien Henin, portfolio manager at Abu Dhabi-based The National Investor. “The sentiment is still positive but investors are a bit reluctant to invest at these levels, they would like to enter in the market at more interesting levels.”
The capital’s ADX General Index climbed 0.27 per cent to end at 3,930.43. Of the 33 stocks traded, 23 rose, eight fell and two were unchanged.
In Dubai, Union Properties, which had the highest turnover of Dh114.47 million, slipped 1.90 per cent to Dh1.03. Emaar Properties, Dubai Financial Market and Dubai Investments, shed 0.31 per cent, 0.87 per cent and 1.28 per cent respectively. Gulf Finance House and Drake and Scull International gained 2.64 per cent and 0.75 per cent.
In Abu Dhabi, Methaq Takaful Insurance surged 14.79 per cent to Dh1.63 and Abu Dhabi National Co. for Building Materials (Bildco) jumped 8.11 per cent to Dh1.60.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
