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Market recovery loses steam

On DFM newly listed shares such as Mazaya Holding and National Real Estate Company reported gains of 2.2 per cent and 9.8 per cent respectively, other service sector shares were headed south. The fall came mostly from banking and services sector with both these subindices falling 117 point and 239 points respectively. The overall market turnover was marginally down at Dh2.6 billion as Dubai Financial Market traded 127 million shares worth Dh2.16 billion.

Leading services sector shares such as Emaar and Amlak slipped 2.13 per cent 0.49 per cent as Tabreed and Shuaa continued the decline with 3.2 per cent and 2.29 per cent respectively. “Although the investors rushed to accumulated service and banking sector shares in the beginning of the week, the overall confidence level is low and most big institutional investors are in a hurry to take profits,” said a broker.

In the banking sector Commercial Bank of Dubai and Dubai Islamic Bank were up 2.6 per cent and 1.1 per cent as most Abu Dhabi listed bank shares slipped. While NBAD closed unchanged at Dh45.15 Union National Bank and ADIB slipped 2.13 per cent and 1.7 per cent respectively, as the telecom major Etisalat closed 1.98 per cent down at Dh24.70.