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UAE general market index falls as investors stay away
Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) general index fell 2.03 per cent Sunday with all sub-indices ending in the red, led by declines in industrial, real estate, energy and banking stocks.
The market index fell to 2,865.25 as the institutional investors, who trade heavy share volumes, stayed away.
"There was a lack of interest in the market Monday. The volumes were low as was the buying interest among investors," said Mousa Haddad, head trader at National Bank of Abu Dhabi Asset Management. Market analysts say the anticipation of strong fourth-quarter earnings of blue-chip stocks will spur investors next month to trade higher volumes.
Sunday, 69.60 million shares worth a combined Dh151.24 million were traded. Of the 34 companies traded, only 7 rose, 25 fell and 2 were unchanged. Commercial Bank International was the main gainer, its shares rising 9.59 per cent to close at Dh1.60.
Shares of National Marine Dredging Co. fell the most, down 9.99 per cent to Dh7.30. Real estate company Aldar Properties was the most actively traded by value, while DanaGas was the most active by volume. Aldar's shares worth Dh34.03 million were traded, and they ended 0.24 per cent lower at Dh5.29.
Meanwhile the Dubai Financial Market (DFM) index fell 2.63 per cent Sunday amid low trading volumes, with real estate major Emaar leading the slide.
The DFM index closed at 2,073.66. Emaar fell 4.39 per cent to Dh4.14 with 26.88 million of its shares worth Dh112.27 million traded.
Overall, as many as 137.43 million shares worth a combined Dh281.37 million changed hands. Of the 28 companies traded, only 2 rose, 25 fell and one remained unchanged.
"There was little interest among the investors and hardly any volume in the market today," one market analyst told Gulf News, adding the sentiments on the bourse will remain weak until the end of the Eid holidays. "The market will pick up again in December in anticipation of solid fourth-quarter results," he added.
Al Salam Bank-Bahrain was the biggest gainer, its shares rising 3 per cent to close at Dh1.03. Takaful-EM was the biggest loser, its price falling 6.76 per cent to Dh1.38. Shares of Emaar were the most actively traded, both in terms of value and volume.
Market participants believe some of the Dubai-listed shares are attractively valued at present and foreign funds are likely to buy into these shares well before the next rally gathers momentum.
By Himendra Mohan Kumar, Staff Reporter
Published: 00:00 November 23, 2009
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