Wednesday, Dec 11, 2013
Dubai: Majority of shares fell on Wednesday as investors booked profits after two weeks of speculative buying had sent some stocks higher.
Real estate, banks and services were among the stocks which gained the most in the past few sessions.
In Abu Dhabi, the benchmark stock index decreased 0.83 per cent to 3,986.11 led by energy, real estate and banks. Of the 36 stocks traded, 20 declined, 11 gained and five remained flat.
The Dubai Financial Market General Index slipped a mere 0.08 per cent to close at 3,099.54. Of the 30 active stocks, 17 advanced, nine retreated and four remained unchanged.
Dubai’s biggest stock Emaar Properties, expected to substantially benefit from the Expo 2020, continued its upward trend, though it slowed down considerably. It rose 0.14 per cent to Dh7.00 trading a turnover of Dh247.87 million, the highest on the day. This week, the company unveiled its new project of serviced apartments, Vida Residence, The Hills, and is targeting investors in Singapore and Saudi Arabia.
The stocks which fell included Deyaar Development, which shed 1.65 per cent; Union Properties, which declined 2.78 per cent and Arabtec, which lost 1.50 per cent. Dubai Islamic Capital closed at the same price of Tuesday. Shuaa Capital decreased 2.47 per cent to Dh0.907.
Abu Dhabi
In the capital, banking shares closed lower. Among the major ones, First Gulf Bank, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, United Arab Bank and Union National Bank were down 1.64 per cent, 0.77 per cent, 0.36 per cent, 9.92 per cent, and 0.19 per cent respectively. Aldar Properties declined 1.17 per cent to Dh2.53 and Dana Gas lost 1.54 per cent to Dh0.64.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
