Jun 26 2012
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UAE shares slip into negative territory
Tuesday, Jun 26, 2012
The Dubai Financial Market ( DFM ) index continued its losing streak yesterday amid lack of liquidity and volume as market participants waited on the sidelines watching international news developments.
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.
Lower global oil prices over the last three months have also helped damp investor confidence on the Dubai Financial Market .
As many as 5.26 million shares of real estate major Emaar, cumulatively valued at around Dh15 million were traded on the market yesterday, its stock closing 1.05 per cent lower at Dh2.84.
The market’s confidence has been shaken by MSCI’s decision of not upgrading the UAE markets to emerging market status and also due to a fall in global oil prices over the last three months, whose exports form the main source of government’s revenue.
The ADX general index closed yesterday at 2,482.05 with investors watching international market movements closely in the absence of a local catalyst.
Blue chip real estate stock Aldar Properties fell 0.88 per cent, while Sorouh Real Estate’s shares fell 0.97 per cent. The potential merger between Aldar and Sorouh, however, remains a catalyst for the market, maintain experts.
Yesterday, around 27.71 million shares, cumulatively worth about Dh58.97 million were traded on the Abu Dhabi stock market. Of the 29 company stocks traded, only seven advanced, while 17 declined and five closed unchanged.
The stock of Abu Dhabi’s real estate major Aldar closed yesterday at Dh1.11. About 6.84 million shares of Aldar cumulatively worth about Dh7.66 million changed hands on the market.
The top gainer on the Abu Dhabi market yesterday was Waha Capital, its shares rising 1.85 per cent to Dh0.54 by the close of trading. Umm Al-Qaiwain Cement Industries Co . was the day’s top loser, its stock closing 9.64 per cent lower at Dh0.75.
The shares of NBAD Subordinated Convertible Notes 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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