Selective buys of small-cap shares at two main bourses

UAE stock markets started the week on a note of discrepancy, with DFM General Index advancing 0.09 percent to close at 3647 while ADX General Index edged down 0.18 percent to 4445 points.

Trading sessions saw a spree of selective buys targeting small-cap shares with less than one dirham in value, while blue chips witnessed profit booking, a normal tendency as seen by market analysts who said traders under such market conditions usually go for less valued shares seeking quick gains.

Advancing shares at DFM included Union Properties, which rose to AED0.889 and Drake & Scull International which closed high on AED0.385. Dubai Islamic Bank was among the few leaders that closed high at AED6.18 along with Arabtec which closed on a spike of AED3.16.

At ADX, Dana Gas rose to 83 fils with TAQA following suit at 67 fils, with the two companies wooing AE52 million in transactions.

Across the two main bourses, a total of 3657 transactions were conducted worth AED330 million compared to AED615 million at the last traded session on Thursday over 293 million shares.

Out of 62 trading firms 25 closed high, 28 down and 9 at their last traded prices.