Expo 2020 decision keeping everyone tense, including the stock market
UAE shares ended lower on Sunday as investors remained cautious ahead of the Wednesday’s decision on Expo 2020.
After closing positively last week, both stock measures declined, with the Dubai Financial Market General Index shedding 0.48 per cent to 2,877.37 and ADX General Index sliding down 0.28 per cent to 3,820.89.
“There was no particular news [today], with all eyes on the Expo now,” said Amer Khan, director at Shuaa Asset Management. “We should be on the tail end of any positioning on investors’ part either way. Markets have been volatile for the last couple of weeks, shrugging off all external drivers and today was the same.”
The Dubai exchange traded 428.35 million shares, which were worth Dh676.67 million. Of the 31 stocks traded, 17 retreated, 11 advanced and three remained unchanged. Among the most active stocks in terms of traded value, Emaar Properties lost 1.60 per cent to Dh6.16; Dubai Investment Company declined 0.45 per cent to Dh2.21, Arabtec slipped 1.88 per cent to Dh2.61 and Emirates NBD fell 2.45 per cent to Dh5.17.
Gulf Navigation was the biggest loser, plunging 5.65 per cent to Dh0.334.
In Abu Dhabi, majority of stocks declined. Of the 30 stocks traded, 11 closed lower, 10 remained flat and nine gained.
Aldar Properties lost 1.22 per cent to Dh2.43 and Abu Dhabi National Co for Building Materials was down 3.74 per cent to Dh1.03.
Until the Expo decision, Khan said he is not expecting the next couple of days to be any different.