The Dubai Financial Market (DFM) index’s consolidation in the positive territory continued yesterday although the volume of trade fell ahead of Eid holidays due to lack of catalysts.
The Dubai market, of late, has been taking its direction from the sentiments prevailing on the global financial markets that have been bullish in the anticipation central banks around the world would ease their monetary policy in order to jump-start growth in a flagging world economy, a move which would give boost to riskier assets such as stocks.
The DFM index closed at 1,578.98, up 0.09 per cent. Around 95.62 million shares, cumulatively worth about Dh122.34 million were traded on the stock market. Market analysts say the Dubai market is preparing for a post-Ramadan rally.
Nearly 9.8 million shares of real estate major Emaar, cumulatively valued at around Dh33.65 million were traded on the market yesterday, its stock closing 0.29 per cent higher at Dh3.47 on value buying by investors.Of the 25 company stocks traded yesterday, 11 rose, while 12 fell and 2 closed unchanged. The day’s top gainer was Dartakaful, its stock rising 4.53 per cent to close at Dh0.646. GGICO was the day’s main loser, its shares fell 8.12 per cent to close at Dh0.317. The shares of Drake & Scull Int were the most traded by value and volume.
The Abu Dhabi Securities Exchange (ADX) general index continued its gaining spree yesterday, although the gains were marginal as major investors stayed away due to lack of catalysts. The market’s confidence in recent weeks has got a boost from an improved global risk appetite towards riskier assets and higher international oil prices.
The ADX general index closed on Wednesday at 2,556.96, up 0.13 per cent led by gains in energy, banking and telecommunication stocks However, decline in real estate shares pared the index’s gains.On Wednesday, around 45.16 million shares, cumulatively worth about Dh96.43 million were traded on the Abu Dhabi stock market, which was higher than Tuesday.
Of the 26 company stocks traded, only 6 advanced, while 4 declined and 16 closed unchanged. Market analysts say the Abu Dhabi market looks set for a post-Ramadan rally as investors have built up their positions.
The stock of Abu Dhabi’s real estate major Aldar Properties closed unchanged at Dh1.26. Sorouh Real Estate’s shares also closed unchanged at Dh1.09. About 7.89 million shares of Aldar, cumulatively worth about Dh9.91 million changed hands on the market.
The top gainer on the Abu Dhabi market on Wednesday was Ras Al Khaimah Ceramic Co., its shares closing 7.48 per cent higher at Dh1.15. Gulf Cement Co. was the day’s top loser, its stock closing 9.71 per cent lower at Dh0.93. The shares of Ras Al Khaimah White Cement were the most traded in terms of value and volume.