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Dubai Shares Rebound

Dubai’s main index snapped days of losses, edging up 0.73 per cent to 1,472.82, helped by property giant Emaar Properties and Emirates NBD. The index however, slipped 10.3 per cent from last week.

Abu Dhabi’s gauge, stretched losses for a sixth session on continued declines in banks and real estate stocks, finishing down 1.22 per cent to 2,136.64. The measure lost 10.4 per cent from the other week.

While investors cheered an upturn on Wall Street and Asian stocks edging up, most remained glued to developments at home, which weren’t encouraging, said Chamel Fahmy of Beltone Financial Securities.

“There was still a lot of hesitation in the markets because investors focused on domestic economic worries. That’s why we didn’t see any group taking firmer positions.”

Emaar Properties partially recovered from a string of losses, ending 1.08 per cent higher at Dh1.78.

Emirates NBD, UAE’s largest bank reversed Wednesday’s declines to gain 3.68 per cent to Dh3.38.

The Commercial Bank of Dubai however, dropped 4.8 per cent to Dh3.36.

Arabtec Holding extended its losses for a fourth day, ending down 6.14 per cent to Dh1.07 to cap its losses this week to 36 percent.

“Residual sellers from yesterday coupled with no new news or earnings have sent the markets drifting on continuing light volume,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.

At the same time, buyers are becoming more stock selective rather than just buying the large caps, said Wakeman. “This isn’t a bad thing as it highlights the different opportunities and sectors in the market.”

Abu Dhabi’s Ship Building Co. rose 9.97 per cent to Dh4.19. Ral Al Khaimah Cement Co. gained 8.54 per cent to Dh0.90.

Big banks however, slipped, led by Abu Dhabi Commercial Bank which fell 7.53 per cent to Dh1.34.

rocel@khaleejtimes.com