Jun 27 2012
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UAE indices continue to decline
Wednesday, Jun 27, 2012
The Dubai Financial Market ( DFM ) index continued its fall yesterday as market participants feared there’s more downside to the market in the days ahead and watched global market movements with trepidation.
“The turnover on Dubai’s market today was at an extraordinarily low level due to lack of catalysts and negative sentiments on the international markets. DFM is now approaching its major support range of 1,400-1,450,” said Anastasios Dalgiannakis, Head of Trading at Mubasher Financial Services in Dubai.
The global markets are now awaiting the outcome of a meeting of European leaders on Thursday amid speculation the meeting aimed to solve Euro zone’s debt crisis will produce little of substance given Germany’s resistance to modify previously agreed bailout terms set by Euro member countries for Greece.
As many as 5.3 million shares of real estate major Emaar, cumulatively valued at around Dh15.09 million were traded on the market yesterday, its stock closing 0.35 per cent lower at Dh2.83.
The Abu Dhabi Securities Exchange ( ADX ) general index declined further yesterday led by profit-taking in telecommunication major Etisalat’s shares amid lack of any significant trading volume on the market.
“Etisalat dominated today’s trading activity. Lower oil prices and negative sentiments on the international markets have affected Abu Dhabi market’s confidence,” said a stock broker.
Revenue from oil exports is the main source of Abu Dhabi government’s revenue.
The ADX general index closed yesterday at 2,469.86, down 0.49 per cent with investors glued to global market movements with an eye on the meeting of European leaders on Thursday that will discuss ways to tackle Euro zone’s sovereign debt issues.
Blue chip real estate stocks Aldar Properties and Sorouh Real Estate closed unchanged. The potential merger between Aldar and Sorouh, however, remains a catalyst for the market, maintain experts.
Yesterday, around 19.43 million shares, cumulatively worth about Dh37.34 million were traded on the Abu Dhabi stock market. Of the 28 company stocks traded, only 8 advanced, while 9 declined and 11 closed unchanged.
The stock of Abu Dhabi’s real estate major Aldar closed yesterday at Dh1.12. About 5.51 million shares of Aldar cumulatively worth about Dh6.19 million changed hands on the market.
The top gainer on the Abu Dhabi market yesterday was CBI, its shares rising 10 per cent to Dh0.99 by the close of trading. Sudan Telecommunication Co. Ltd was the day’s top loser, its stock closing 2.91 per cent lower at Dh1.04.
The shares of Etisalat were the most traded in terms of value while Aldar’s shares were the most traded by volume.
By Himendra Mohan Kumar, Staff Reporter
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