Dubai, Abu Dhabi markets move in opposite direction

UAE markets trade in opposite directions; Emaar surges

Dubai: The Dubai Financial Market (DFM) index rose by almost one-third of a per cent on Sunday led by a surge in real estate major Emaar and construction company Arabtec’s shares after it was announced a new mega-city named Mohammad Bin Rashid City would be built in Dubai focused on the emirate’s key growth sectors which include retail, tourism and exhibitions.

The DFM index regained the critical 1,600 support level, an indication that the market may rally in the days ahead, should the global macro-economic indicators not worsen. Around 131.12 million shares, cumulatively worth about Dh205.29 million were traded on the Dubai stock market. As many as 30.34 million shares of Emaar cumulatively valued at around Dh113.47 million were traded, its stock closing 2.19 per cent higher at Dh3.73. Construction major Arabtec’s shares, jumped 1.31 per cent to close at Dh2.32.

Of the 27 company stocks traded, 12 rose, while 12 fell and 5 closed unchanged. The day’s top gainer was AlSalamsudan, its stock rising 6.47 per cent to close at Dh1.81. Shuaa Capital was the day’s main loser, its shares fell 5.26 per cent to close at Dh0.540. The shares of Emaar were the most traded by value and volume.

Abu Dhabi

The Abu Dhabi Securities Exchange (ADX) general index retreated into the negative territory on Sunday, falling 0.22 per cent on profit-taking by investors amid lack of strong catalysts. The volume of trade on the stock market remained well below Dh79 million, indicating lack of interest among overseas buyers and major domestic investors.

The stock market index closed yesterday at 2,636.53, well below the critical support level of 2,650. This makes the market prone to greater downside risks in the days ahead, should the global macro-economic indicators take a turn for the worse. The investors sold banking and telecommunication stocks, but bought real estate and energy stocks, which pared the index’s decline.

The Abu Dhabi market, currently, continues to be supported by high global crude oil prices that are trading well above $100 a barrel.

Around 72.55 million shares were traded valued at about Dh78.02 million. Of the 30 company stocks which traded, 9 advanced, while 15 fell and 6 closed unchanged. The stock of Abu Dhabi’s real estate major Aldar Properties closed 0.81 per cent higher at Dh1.25. About 7.49 million shares of Aldar, cumulatively worth about Dh9.37 million changed hands on the market. Sorouh Real Estate’s shares also gained, by 0.81 per cent to close at Dh1.24.

The top gainer on the Abu Dhabi market was energy company Dana Gas, its shares closing 5.13 per cent higher at Dh0.39. Qatar Telecom was the day’s top loser, its stock falling 7.76 per cent to close at Dh99.30. The shares of telcommunications major Emaar were the most traded in terms of value while Dana Gas’ stock was the most traded by volume.

Source: http://gulfnews.com/business/markets/dubai-abu-dhabi-markets-move-in-opposite-direction-1.1109802