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Market down on profit taking
DUBAI - The UAE market indices were headed south yesterday due to profit taking reported on a handful of active counters. Recent market trends indicate that investors are nervous to hold on to longer positions due to correction fears.
The market benchmark National Bank of Abu Dhabi General Index closed 17.4 points down at 4,910.55 points while the banking and service sector indices slipped 9 points and 32 points respectively.
On the Dubai Financial Market all active scrips reported marginal losses. In 280 deals, DFM traded over 4 million shares worth Dh35.59 million. The banking sector reported a small volume of 119,000 shares across three counters. The Dubai Islamic Bank scrip slipped by 45 fils to close at Dh65.05, while the Emirates Bank scrip was down by 25 fils at Dh22.25. National Bank of Dubai counter traded a small volume of 5,000 shares without any change in its share price. While the insurance sector did not report any trade yesterday, in the investment sector, the Dubai Investment Company closed five fils down at Dh13.50. In the service sector, Amlak closed marginally down at Dh2.36 with the counter trading 2.5 million shares worth Dh6 million. The Emaar scrip moved further down by 30 fils to Dh36.70. The counter traded a relatively small volume of over 500,000 shares worth Dh19 million. While the Union Properties scrip closed intact at Dh22.10, the Shuaa scrip closed marginally down at Dh3.69 and Tabreed closed 15 fils down at Dh13.70.
On ADSM, banking scrips reported modest gains yesterday, with National Bank of Abu Dhabi and Abu Dhabi Islamic Bank reporting small gains of 30 fils and 45 fils to close at Dh125.30 and Dh29.05 respectively. In the insurance sector, the Al Khazna scrip closed Dh7.30 down at Dh210.20. In the services sector, Etisalat closed 80 fils down at Dh127.10, while the Abu Dhabi National Hotels closed 10 fils down at Dh128.
The overall slide in share prices was reflected in EMNEX which closed 11.59 points down at 3,326.41 points and the NBAD ESM Index closed 6.4 points.
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