Tuesday, Nov 19, 2013
Majority of UAE shares declined yesterday as fluctuations continued a week before the Expo2020 decision is to be announced in Paris. The local indices had witnessed declines on Sunday and was followed by gains on Monday.
“For the UAE the market is trading sideways and it is so dependent on the Expo2020 [announcement] which not too far away,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi. “That’s a catalyst for some volatility. If we don’t get it, it will be negative. And if we do get it, it will be positive, but you may see some profit taking going into that.”
The Dubai Financial Market General Index was almost flat, going down a mere 0.02 per cent to 2855.63. Of the 29 stocks traded, 17 retreated, nine gained and three remained unchanged.
In the capital, Abu Dhabi Securities General Index closed 0.19 per cent lower to end at 3823.90. Of the 31 stocks traded, an equal number of stocks--14 each--declined and advanced. Three remained unchanged.
In Dubai, Emaar Properties was the most active stock in terms of value traded--Dh150.39 million--and was among the few ones which ended in positive territory. It was up 0.82 per cent to close at Dh6.16. The other three most active stocks declined. Drake and Scull International, Dubai Financial Market and Arabtec lost 1.48 per cent, 0.91 per cent and 0.38 per cent respectively.
In Abu Dhabi, among the losing stocks were Aldar Properties, which shed 0.40 per cent to Dh2.51, Etisalat, which slipped 0.86 per cent to Dh11.55 and First Gulf Bank, which fell 0.30 per cent to Dh16.60.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
