Monday, Nov 25, 2013
Majority of shares dropped on Monday amid declining volumes as investors continued to remain on the sidelines ahead of Wednesday’s Expo 2020 decision, in which Dubai is a candidate city.
Trading volumes in Dubai stock exchange fell to 261.02 million shares from Sunday’s 428.35 million and turnover was down 39.89 per cent to Dh406.73 million.
Of the 32 stocks traded, 20 retreated, eight advanced and three remained flat.
The stock benchmark DFM General Index closed 0.31 per cent lower to end at 2868.56.
In Abu Dhabi, the ADX General Index was down 0.15 per cent to 3815.16. The total volume traded stood at 130.19 million shares, which were valued at Dh236.94 million.
Of the 39 stocks traded, 22 declined, 11 gained and six remained unchanged.
“We witnessed sideways trading today with markets slightly down,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s Asset Management Group. “Investors are on the sidelines waiting the decision on the 2020 Dubai Expo bid and we are likely to remain range bound until the announcement. Positive news on diplomatic negotiations with Iran led to a lower oil price movement.”
Most active stocks
In Dubai, Arabtec and Emaar Properties were the two most active stocks in terms of value traded and both declined. Arabtec, trading 78.05 million shares, fell 2.30 per cent to Dh2.55. Emaar, trading 75.49 shares, shed 0.32 per cent to Dh6.14.
Drake and Scull International and Dubai Financial Market were among the other most active stocks that declined. Drake and Scull lost 0.76 per cent to Dh1.30 and DFM slipped 0.46 per cent to Dh2.18. Dubai Investments remained flat at Dh2.21.
In Abu Dhabi, Aldar Properties continued its downward slide, dropping 0.82 per cent to Dh2.41. Dana Gas lost 1.59 per cent to Dh0.62. Abu Dhabi Commercial Bank jumped 2.94 per cent to Dh5.25. Etisalat slid 0.43 per cent to Dh11.50.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
