Dwindling volumes hit UAE stocks
(6/19/2017 2:25:00 AM)
UAE stocks ended slightly lower on Sunday. Trading volumes dwindled across the Arabian Gulf during the final week of Ramadan.
The Dubai Financial Market General Index had its quietest day in two weeks, closing 0.4 per cent lower at 3,444.13.
Emaar Properties dragged stocks lower, closing down by 0.9 per cent at Dh7.93.
The real estate company’s shares were downgraded to "reduce" by AlphaMena on Friday, despite being upgraded to "overweight" by Morgan Stanley the previous day.
Dubai Investments and Emaar Malls also closed lower, falling by 1.8 per cent and 1.2 per cent respectively.
DIB was the pick of seven gainers, rising 0.5 per cent to Dh5.79. Shares in Drake & Scull International closed up by 1.2 per cent at 42.6 fils, ahead of an announcement that it was close to securing three new contracts, together with further asset disposals.
Shares in Abu Dhabi were virtually unchanged, closing down 0.02 per cent at 4,500.86, with gains by First Abu Dhabi Bank and Sharjah Islamic Bank cancelled out by falls by Dana Gas and Etisalat.
Trading volumes were thin, with the exception of recent favourite Dana Gas. The energy company’s shares – which accounted for more than 80 per cent of total trade – closed down 4.1 per cent at 70 fils. Investors booked profits in the stock, which rose 38 per cent last week.
The Qatar Exchange led losses across the region, falling 0.8 per cent, thanks to falls by QNB and Qatar Insurance.
In Saudi Arabia, the Tadawul ended the day 0.9 per cent higher, on gains by Sabic and Al Rajhi Bank.