Low volumes persist in UAE markets

DUBAI — Dubai shares recovered yesterday with a climb of 0.3 per cent to close at 5,422.31, a poor volume turnout due to the low foreign institutional trading in the market. The Abu Dhabi bourse dropped 0.6 per cent at 4,974.62 points, led by Aldar Properties.

By A Staff Reporter (Uae Stock)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 29 Jul 2008, 11:12 PM

Last updated: Sun 5 Apr 2015, 1:00 PM

Commercial Bank of Dubai topped the Dubai Financial Market (DFM) General Index with a surge of 2.8 per cent to Dh11 while Emirates NBD, the country's biggest bank by assets, grew 1.7 per cent to Dh11.90 and Emaar Properties gained one per cent to Dh10.60.

The UAE's second-largest mortgage lender, Amlak Finance, lost two per cent to Dh4.41 as it sold 235 apartments at Skycourts, a freehold residential project opposite Dubai's Academic City. Amlak offered UAE residents 90 per cent financing for the studio, one- and two-bedroom apartments to be paid over 25 years.

Tamweel, the biggest mortgage lender in the UAE, declined 1.6 per cent to Dh7.87 as it completed the sale of Islamic bonds worth Dh1.1 billion. The Shariah-compliant firm's "floating-rate sukuk maturing 2013 pays a profit rate of 2.25 percentage points more than the quarterly Emirates interbank offered rate", according to Bloomberg.

About 126 million shares valued at Dh514 million traded on DFM while shares value on the Abu Dhabi Securities Exchange (ADX) reached Dh597.3 million.

"There is a shortage of liquidity in the market," said Nadim Abou Jalad, a trader at Naeem Shares & Bonds, in a Bloomberg report. "We don't see a lot of foreign institutional trading in the markets now."

Aldar Properties, the biggest real-estate developer in Abu Dhabi, slumped 3.1 per cent to Dh12.40 while UAE-based medical supplies manufacturer Gulf Pharmaceutical Industries trailed ADX with a fall of 9.7 per cent to Dh2.51.

Dubai-based DP World, the world's fourth-largest marine terminal operator, plummeted 2.4 per cent to $0.80 on the Dubai International Financial Exchange while Damas International Ltd gained one per cent to $1.02. The Dubai-based jewellery group plans to have 569 stores in at least 18 countries by end-2008 from the present 468.


More news from