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Market closes week on weak note
DUBAI - The UAE stock market closed the week on a weak note yesterday mostly because of losses suffered on the telecom and property segments.
Brokers on the DFM said that the beginning of a decline of the market indices from the middle of the week was not an indication of weak sentiments, but a correction after a strong rally.
Dhaheer Quraish, manager of Union National Bank at the DFM, said: "With a number of shares having risen over 20 per cent, some even more in the past few weeks, the profit taking was expected. It is a phase of correction and I feel that the market would stabilise plus or minus five per cent."
He also said that he expected a strong rally in the market during the fourth quarter, especially towards the end of the year when investors would start looking towards the payout season.
There was trading on eight counters at the DFM yesterday with Tabreed and Union Properties being the only gainers rising five fils each to close at Dh14 and Dh23 respectively.
Dubai Islamic Bank was down 10 fils to Dh31, while Emirates Bank International also fell 10 fils to Dh20.90, National Bank of Dubai was down Dh2 to Dh112 and Dubai Investment remained unchanged for the day.
Emaar slipped 15 fils to Dh24.85 on 76 trades of 308,311 shares, which were valued at over Dh7.66 million and Shuaa fell one fil to Dh1.79.
The total DFM equities volume for the day was reported at more than 730,011 shares, which were valued at over Dh13.54 million.
On the ADSM, Etisalat slipped Dh1.50 to Dh150.50 on a volume of 50,095 shares, which were valued at over Dh7.53 million, while Abu Dhabi Islamic was down 25 fils to Dh19 on a volume of 286,670 shares, which were valued at over Dh5.44 million and First Gulf Bank finished with losses of 23 fils at Dh8.04.
The National Bank of Abu Dhabi Emirates Stock Markets Index (NBAD ESMI), which tracks the DFM and the ADSM listed shares, fell 6.83 points to 1,743.87.
The NBAD ESMI service sector index dropped 18.91 points to 1,312.45, while the NBAD ESMI banking sector index advanced 11.19 points and the NBAD ESMI insurance sector index was up 5.58 points.
Emirates Financial Services (EFS) listed no movers on the OTC market. Emnex dropped 16.45 points to 2,796.73.
The property sub-index declined 12.04 points and the telecom sub-index dropped 22.18 points to 1,437.32.
The financial services sub-index was up 14.14 points and the insurance sub-index advanced 5.36 points, while the insurance sub-index remained unchanged for the day.
The National Bank of Abu Dhabi (NBAD) market review also listed no movers on the OTC market.
The NBAD general index fell 16.4 points to 4,317.87 as the NBAD service sector index dropped 74.63 points.
EFS reported the cumulative market volume for the day at more than 1.6 million shares, which were valued at over Dh46.56 million.
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