Equities in Dubai ended the week on a bright note, recovering some of the losses from the previous four trading days.
Dubai equities higher, but Abu Dhabi slide goes on
DUBAI // Equities in Dubai ended the week on a bright note, recovering some of the losses from the previous four trading days. But the sell-off in Abu Dhabi continued, pulling the index down for the fifth consecutive session. The Dubai Financial Market General Index closed up 0.8 per cent at 1,581.94, helped by late interest in Emaar Properties, which advanced 1.1 per cent.
Shuaa Capital, the index's top loser on Wednesday, closed up 2.7 per cent. Ajman Bank gained 6.5 per cent, while Deyaar rose 2.1 per cent. "As far as market fundamentals are concerned, nothing has changed. Recovery is short term," said Hassan Awan, an analyst at the Abu Dhabi brokerage firm The National Investor. "What's important to note is that trade volumes, trade value and the number of trades are all down from their historic daily average, which means there is no liquidity in the market."
In Abu Dhabi, the main measure ended down 0.7 per cent at 2,701.51, hindered by losses in property and financial services stocks. RAK Properties declined 4 per cent, followed by Aldar, down 2.2 per cent. Sorouh Real Estate recovered from intraday losses and ended trading flat. Abu Dhabi Commercial Bank, which was a major loser on Wednesday, declined 3.5 per cent yesterday. First Gulf Bank retreated 1.2 per cent.
"Until we have some clarity on debt issues, the market will continue to move on low liquidity," Mr Awan said. The Qatar index rose 0.6 per cent while Bahrain and Muscat ended down 0.9 and 0.6 per cent, respectively. Saudi and Kuwaiti markets were closed. email@example.com