End of Eid brings market drop to UAE markets

End of Eid brings market drop to UAE markets
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Published August 12th, 2013 - 07:37 GMT via SyndiGate.info

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The Dubai stock benchmark DFM General Index fell 0.24 per cent to close at 2667.65.
The Dubai stock benchmark DFM General Index fell 0.24 per cent to close at 2667.65.
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Dubai
,
Abu Dhabi
,
First Gulf Bank
,
Deyaar Development
,
Dana Gas

Abu Dhabi and Dubai indices fell on Sunday, the first day after the long Eid holiday weekend, amid a drop in trading volumes and a dry news spell globally at the end of last week.

The Dubai stock benchmark DFM General Index fell 0.24 per cent to close at 2667.65. The total volume traded stood at 257.69 million, and was valued Dh419.29 million, which was more than 37 per cent less than the daily average of Dh668 million over the last three months, according to data collected by zawya.com.

Of the 26 stocks traded on Sunday, 16 declined, eight gained and two remained unchanged.

The ADX General Index lost 0.77 per cent to end at 3899.34. The turnover stood at Dh299.18 million. Of the 27 stocks traded, 10 retreated, 10 remained flat and seven advanced.

In Dubai, DFM, the Gulf’s only publicly listed exchange, recorded the highest turnover of Dh121.28 million, closing 0.94 per cent higher to Dh2.14. Arabtec was among the other gainers, up 1.63 per ecnt to Dh2.50.

But among the top traded stocks, the major losers included Emaar Properties, which was down 0.32 per cent to Dh6.28; Dubai Islamic Bank, which declined 1.33 per cent to Dh3.72 and Drake & Scull International, which fell 1.68 per cent to Dh1.17. The list of losers was headed by Dartakaful, which slumped 8.15 per cent to Dh0.530. Deyaar Development lost 2.05 per cent to end at Dh0.430.

In Abu Dhabi, Aldar Properties, which reported 200 per cent growth in second quarter net profit last week, dropped 2.09 per cent to Dh2.81.

Other major stocks to lose were Etislaat, which fell 0.42 per cent, First Gulf Bank, retreating 1.45 per cent and Dana Gas, which retreated 1.59 per cent to Dh0.62.

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