UAE markets drop moderately as volumes dry up
Published: 18:41 March 9, 2014
Dubai: UAE markets declined on Sunday as there was a big drop in shares traded. Today’s decline comes on the back of both Dubai and Abu Dhabi witnessing their first weekly drop in 16 weeks at the close last Thursday.
Dubai’s benchmark stock index, the DFM General Index lost 0.31 per cent to end at 4140.65. The volume of shares traded in Dubai fell to 341.73 million from 449.49 million. The turnover plunged 46.33 per cent to Dh611.83 from Dh1.14 billion in the previous session.
In the capital, ADX Securities Index was moderately down, slipping 0.38 per cent to 4878.23. Here too, the decline in volumes traded was significant. From Thursday’s 506.37 million shares, it fell to 122.43 million, which was valued at Dh313.56 million.
“The volumes have dried out — there’s no fresh money in the market,” Hisham Khairy, head of trading for the institutional desk at MENA Corp, told Reuters.
“There are more catalysts in Qatar and Egypt, and some investors have sold in the UAE (United Arab Emirates) to chase volatility there.”
“In the absence of major local and international news both markets were quiet,” said Sebastien Henin, head of asset management at The National Investor.
In Dubai, Of the 32 stocks traded, 19 retreated, five advanced and eight remained flat.
Union Properties, Emaar Properties, Gulf Finance House, among the most active stocks in terms of value traded, declined. In Abu Dhabi, Rak Properties, Aldar Properties, Abu Dhabi Commercial Bank and Etisalat retreated