uae markets trade with a negative bias
Last Updated : GMT 22:40:52
Arab Today, arab today
Arab Today, arab today

UAE markets trade with a negative bias

Arab Today, arab today

Arab Today, arab today UAE markets trade with a negative bias

Dubai - Arabstoday

The Dubai Financial Market (DFM) index again closed in the negative territory yesterday as the global and regional market sentiments remained largely bearish on negative global economic growth sentiments. However, the volume of shares traded on the market remain thin due to a lack of risk appetite among investors. The global financial markets have all but wiped out the gains made in 2012 on fears of a disorderly sovereign debt default by Greece. As well, a slowing US economy and China’s growth momentum losing traction are also adding to concerns that the global economy would contract during the second half this year. Analysts say the regional markets are trading with a negative bias as international oil prices which are a major support to their economy are falling. Global oil prices have fallen more than 10 per cent since April and could fall further given a deepening Eurozone sovereign debt crisis. The DFM index closed yesterday at 1,437.03, down 0.33 per cent. Around 87.67 million shares, cumulatively worth about Dh95.26 million were traded on the stock market. About 11.46 million shares of real estate major Emaar, cumulatively valued at around Dh31.59 million were traded on the market yesterday, its stock closing 1.08 per cent lower at Dh2.76. Of the 25 company stocks traded yesterday, nine rose, while 12 fell and 4 closed unchanged. The day’s top gainer was Takaful-EM, its shares closing 3 per cent higher at Dh0.549. Real estate company Deyaar was the day’s main loser, its shares dropped 3.97 per cent to close at Dh0.290. Shares of Emaar were the most traded by value while Deyaar’s stock was the most traded by volume on the Dubai market yesterday. Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index fell 0.18 per cent yesterday amid thin volume of trade on the market as risk aversion among investors and negativity created by a sharp fall in global oil prices has put them on the sidelines. Abu Dhabi market, however, is backed by the solidity of its listed banks and the emirate’s oil sector which is a major source of government’s revenues. Analysts say the market will trade in a range with a downside bias until greater clarity on how Europe is going to tackle its debt problems emerges. The ADX general index closed yesterday at 2,422.39, the decline being led by banking and industrial sub-indexes which dragged the general index lower. Blue chip real estate stocks such as Aldar Properties and Sorouh Real Estate, however, rose. Yesterday, around 26.59 million shares cumulatively worth about Dh41.88 million were traded on the Abu Dhabi stock market. Of the 28 company stocks which traded, only eight advanced, while eight declined and 12 closed unchanged. The potential merger between Aldar and Sorouh remains a catalyst for the market, especially in anticipation of some concrete details on this deal. The fears of Greece’s exit from the Eurozone and slowing global economic growth are major market concerns as are the possibilities of a hard landing for China in the coming months on the back of falling orders from its main markets — Europe and the US, where economic growth is also showing signs of tapering off. The stock of Aldar closed yesterday 2.97 per cent higher at Dh1.04. About 10.07 million shares of Aldar cumulatively worth about Dh10.43 million changed hands on the market. The top gainer on the Abu Dhabi market yesterday was Gulf Medical Projects Company, its shares rising 9 per cent to Dh2.30 by the close of trading. Ras Al Khaimah Poultry and Feeding Co. was the day’s top loser, its stock closing 9.38 per cent lower lower at Dh1.16. The shares of regional telecommunications major Etisalat were the most traded in terms of value while Aldar’s shares were the most traded in terms of volume on the Abu Dhabi market yesterday.

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