Dubai financial markets consolidate gains
The Dubai Financial Market (DFM) index consolidated in the positive territory on Tuesday, building on the gains from Monday, buoyed by the positive sentiments on the European markets.
The global markets are now anticipating central banks to ease their monetary policy in order to jump-start growth in a flagging world economy, a move which boosts riskier assets such as stocks.
The volume of trade on the Dubai market, however, fell compared to Monday. The DFM index closed at 1,577.61, up 0.24 per cent. Around 84.68 million shares, cumulatively worth about Dh110.46 million, were traded on the stock market.
Market analysts say the Dubai market is preparing itself for a post-Ramadan rally.
Nearly 11.46 million shares of real estate major Emaar, cumulatively valued at around Dh39.80 million, were traded on the market on Tuesday, with its stock closing 0.29 per cent lower at Dh3.46 on profit-taking by investors.
Of the 26 company stocks traded on Tuesday, only six rose, 13 fell, and seven closed unchanged. The day’s top gainer was Takaful-EM, with its stock rising 15 per cent to close at Dh0.690. Al Madina was the day’s main loser, its shares fell 6.46 per cent to close at Dh0.637.
The shares of Emaar were the most traded in terms of value while Drake & Scull Int’s shares were the most traded by volume.
Abu Dhabi market
The Abu Dhabi Securities Exchange (ADX) general index continued to gain on Tuesday,helped by better investment sentiment on the European bourses and higher global oil prices, although the volume of shares traded on the market declined compared to on Monday. The market’s confidence, however, got a boost from an improved global risk appetite towards riskier assets in recent days.
The ADX general index closed on Tuesdayat 2,553.56, led by gains in real estate and banking shares.
Around 44.93 million shares, cumulatively worth about Dh70.05 million, were traded on the Abu Dhabi stock market. Of the 26 company stocks traded, 12 advanced, five declined, and nine 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 at Dh1.27, 0.8 per cent higher, while Sorouh Real Estate’s shares rose 0.93 per cent to close at Dh1.09. About 11.05 million shares of Aldar, cumulatively worth about Dh13.92 million, changed hands on the market.
The top gainer on the Abu Dhabi market was Union Cement Co, its shares closing 7.53 per cent higher at Dh1.
Methaq was the day’s top loser, its stock closing 1.82 per cent lower at Dh1.07.
Telecommunications major Etisalat’s stock was the most traded in terms of value while energy company Dana Gas’ shares were the most traded by volume.