UAE investors cautious, but Emaar shares witness selling pressure following early rise.
All talk and no action leave bourses treading water
UAE investors were cautious yesterday, mostly trading gossip without moving any of the major indexes significantly. "The only player in the market today is rumour," said Eyad Abdulnabi, the chief operating officer of AlRamz Securities, based in Abu Dhabi. Mr Abdulnabi said the main rumours concerned Dubai World and the progress of its debt restructuring. The other primary activity was profit-taking in Emaar Properties, which has climbed 22 per cent in the past three weeks.
"The market opened strong," Mr Abdulnabi said. "We saw Emaar Properties hit 3.90 and then we saw a lot of selling pressure." The Dubai Financial Market General Index closed down 0.5 per cent at 1,762.25. Emaar Properties shares ended down 1.8 per cent at Dh3.78. The bourse's shares lost 1.6 per cent to Dh1.82, and Arabtec Construction fell 1.3 per cent to Dh2.20 a share. The NASDAQ Dubai index rose 1.7 per cent to 1,860.27. Damas International shares remained suspended after the news was released on Sunday that the company had incurred record fines from regulators.
The Abu Dhabi Securities Exchange General Index was up 0.5 per cent at 2,859.47. Dana Gas gained 1.1 per cent to Dh0.89 a share. Aldar Properties slumped 1.8 per cent to Dh4.17, while Waha Capital moved 3.4 per cent higher to Dh0.92. Elsewhere in the region, Bahrain's bourse and the Saudi Tadawul All Share Index were mostly unchanged, at 0.03 per cent lower and 0.09 per cent higher respectively. Kuwait's main measure gained 0.1 per cent to 7,418. The Muscat Securities Market General Index closed 0.9 per cent higher at 6,740.06. Qatar's measure moved up 1.1 per cent to 7,395.28.