Tuesday, Dec 11, 2012
Dubai
The Dubai Financial Market (DFM) index fell sharply yesterday on investors booking profits in shares ahead of the year-end amid lack of a strong local catalyst that would generate buying interest from market participants.
The sentiment was in sharp contrast to Europe where the stocks rose for a seventh day as German investor confidence jumped more than analysts estimated and investors waited for progress on U.S. budget talks.
The DFM index closed yesterday at 1,588.87, down 1.53 per cent. The index slipped below the critical support level of 1,600, an indication that the downside risks on the market may increase in the days ahead, if the global macro-economic indicators take a turn for the worse. The next support level for the market is at 1,550.
Around 106.81 million shares, cumulatively worth about Dh185.42 million were traded on the Dubai market yesterday. Around 12.18 million shares of real estate major Emaar cumulatively valued at around Dh45.63 million were traded, its stock closing 0.8 per cent lower at Dh3.73 on profit-taking by investors. Arabtec’s shares closed at Dh2.30, down 2.13 per cent.
Of the 27 company stocks traded yesterday, only 4 rose, while 19 fell and 4 closed unchanged. The day’s top gainer was Al Madina, its stock rising 6.06 per cent to close at Dh0.700. IFA was the day’s main loser, its shares fell 10 per cent to close at Dh0.756. The shares of telecommunications company Du were the most traded by value, while Drake & Scull Int’s shares were the most traded by volume.
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By Himendra Mohan Kumar
Staff Reporter
Abu Dhabi
The Abu Dhabi Securities Exchange (ADX) general index too fell sharply yesterday, the slide being greater than the Dubai market as investors sold stocks amid increased volatility. The downward movement was led by telecommunications major Etisalat whose shares fell 8.94 per cent.
Investors yesterday sold real estate and investment and financial services and insurance companies’ stocks, as well. The stock market index slid 2.55 per cent to at 2,617.22 from 2,685.57 on Monday.
Market analysts say any news on the widely anticipated merger of local real estate bigwigs Aldar and Sorouh will be a strong catalyst for a major rally on the market. The market is widely expected to be range-bound until the end of the year.
Around 164.82 million shares were traded yesterday, valued at about Dh202.88 million. Of the 29 company stocks which traded, only 4 advanced, while 16 fell and 9 closed unchanged.
The stock of Abu Dhabi’s real estate major Aldar Properties fell 0.76 per cent yesterday, closing at Dh1.28. About 12.27 million shares of Aldar, cumulatively worth about Dh15.94 million changed hands on the market. Sorouh Real Estate’s shares also closed lower, falling by 1.56 per cent to end at Dh1.25.
The top gainer on the Abu Dhabi market yesterday was National bank of Umm Al-Qaiwain, its shares closing 8.62per cent higher at Dh1.90. Etisalat was the day’s top loser, its stock closing at Dh8.97. The shares of Etisalat were the most traded in terms of value while energy company Dana Gas’ shares were the most traded by volume.
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By Himendra Mohan Kumar staff Reporter
Gulf News 2012. All rights reserved.
