The Dubai Financial Market General Index (DFMGI) suffered a second consecutive day of losses, but its Abu Dhabi counterpart closed up for the first time in three sessions yesterday.
Strong performance from three banks helped the Abu Dhabi Securities Market General Index (ADSM), close up 0.06 per cent at 3,025.57 points.
United Arab Bank climbed 9.59 per cent, National Bank of Ras Al Khaimah increased 9.93 per cent and Union National Bank was up 2.42 per cent, but Abu Dhabi Islamic Bank fell 3.07 per cent.
Overall, it was another quiet day, with only 13 million shares traded, around half the usual volume. Meanwhile, there was little to cheer on the DFMGI, where losers outnumbered gainers 16:3 and the general index closed down 0.9 per cent at 4,291.77.
"The Dubai market is down on profit-taking but no major support levels were broken and volumes remain average, indicating that selling was mostly retail. The overall trend remains positive," said one fund manager.
"Consolidation is also being seen in the Emaar stock and that is a good sign." The day's biggest losers were the National Cement Company and Dubai Islamic Insurance, which closed down 4.92 and 4.33 per cent, respectively. Emaar bagged top spot in the volume list. he Dubai Financial Mar- T ket General Index (DFMGI) suffered a sec- ond consecutive day of loss- es, but its Abu Dhabi coun- terpart closed up for the first time in three sessions yesterday. Strong performance from three banks helped the Abu Dhabi Securities Market General Index (ADSM), close up 0.06 per cent at 3,025.57 points. United Arab Bank climbed 9.59 per cent, National Bank of Ras Al Khaimah increased 9.93 per cent and Union National Bank was up 2.42 per cent, but Abu Dhabi Islamic Bank fell 3.07 per cent. Overall, it was another quiet day, with only 13 million shares traded, around half the usual volume. Meanwhile, there was little to cheer on the DFMGI, where losers out- numbered gainers 16:3 and the general index closed down 0.9 per cent at 4,291.77. "The Dubai market is down on profit-taking but no major support levels were broken and volumes remain average, indicating that selling was mostly retail. The overall trend remains positive," said one fund manager. "Consolidation is also being seen in the Emaar stock and that is a good sign." The day's biggest losers were the National Cement Company and Dubai Islamic Insurance, which closed down 4.92 and 4.33 per cent, respectively. Emaar bagged top spot in the volume list.
TRADING VIEWS
GCC stock markets are likely to remain range-bound over the next couple of months, according to Global Investment House (GIH).
"The only positive news that can prop up the market can emanate from the corporate earnings, which will start coming in from mid-January next year," GIH said.
"It seems that markets are under the strong bear grip with Qatar, Saudi Arabia and the UAE recording double digit declines." GCC stock markets are likely to remain range-bound over the next couple of months, according to Global Investment House (GIH). "The only positive news that can prop up the market can emanate from the corporate earnings, which will start coming in from mid-January next year," GIH said. "It seems that markets are under the strong bear grip with Qatar, Saudi Arabia and the UAE recording double digit declines."
© Emirates Today 2006
