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Nervous investors force indices close down

DUBAI — The UAE market turned highly volatile yesterday as the nervous investors began booking profits on their previous day's positions. Most stocks including Amlak, Emaar, Arabtec, Shuaa, Union Properties and National Bank of Abu Dhabi, which reported big gains on Sunday, were hammered down yesterday as investors began unwinding their positions.

The DFM index slipped by over 2 per cent yesterday. The UAE market benchmark, National Bank of Abu Dhabi Index slipped 76 points to close at Dh16,901 points with service and insurance sector subindices slipping gaining 268 points and 42 points respectively and banking sector subindex gaining 42 points

The overall market turnover slipped 15 per cent yesterday to Dh3.2 billion. On Dubai Financial Market both volumes and turnover slipped. In 13,319 trades, the market traded 181million shares worth Dh2.74 billion. While Emaar scrip closed 55 fils down at Dh23.75, Arabtec and Shaaa were down by 2.2 per cent each and Amlak closed 10 fils down at Dh14.10. Tabreed closed intact at Dh5.70 and Union Properties closed 10 fils down at Dh8.06.

In the banking sector, across three counters, the banking sector traded 36 million shares with Dubai Islamic Bank scrip gaining 6.73 per cent to close at Dh26.95.

While the Emirates Bank share closed Dh1 down at Dh49.65, the National Bank of Dubai gained Dh1.96. Most ADSM listed banking sector shares were headed south yesterday with NBAD and Union National Bank slipping 75 fils and Dh1.45 respectively while the ADCB and ADIB shares gained Dh3.10 and Dh4.6, respectively. In the service sector, Etisalat closed 10 fils up at Dh33.05.