Tuesday, Oct 22, 2013
Abu Dhabi
The UAE stock markets traded in opposite directions for a third straight day yesterday. While the Dubai Financial Market (DFM) index rose on increased investor interest in blue chip stocks, the index in Abu Dhabi declined, paring Monday’s gains.
In Dubai, the DFM index closed 0.51 per cent higher at 2,923.89. The investor appetite reflected in higher volume of share transactions. As many as 1.3 billion shares cumulatively worth Dh1.35 billion were traded as investors mainly bought shares in Gulf Finance House, Deyaar, Union Properties, Air Arabia and Arabtec, all of which witnessed an appreciation in value. Of the 31 company stocks traded on the market, 14 rose, while 12 closed lower and 5 remained unchanged.
Analysts say the market is currently witnessing a mild rally on improved global investor sentiments resulting from the US averting a potential sovereign default. They say the rally may well extend until after the announcement of third quarter corporate earnings, which are expected soon.
In Abu Dhabi, the Abu Dhabi Securities Exchange’s general index declined 0.3 per cent to close at 3,861.10. As many as 139.15 million shares of 31 companies were traded on the market yesterday worth a total of Dh260.11 million. The banking and energy sub-indices declined, which pushed the market gauge into the negative territory, but the telecommunication sub-index which has the highest weightage rose 0.43 per cent. Agthia was the day’s top gainer, its stock appreciating 15 per cent to Dh4.60 by the close of trading. Green Crescent Insurance was yet again the top loser of the day. Real estate major Aldar Properties’ stock closed unchanged at Dh2.72.
By Himendra Mohan Kumar Staff Reporter
Gulf News 2013. All rights reserved.
