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Profit-taking drives indices down

The national benchmark NBAD General Index closed 82 points down at 11,389 points as Abu Dhabi Index slipped 0.74 per cent to 3473.8. Dubai Financial Market index closed just a point up at 423.7.

The Dubai Financial Market reported losses across all sectors with the lone exception of Shuaa Capital which gained 2 per cent to close at Dh5.03.

As investors hurried to take profits from their positions in Emaar, the share slipped 0.8 per cent to Dh12.45. Emaar traded an intraday low of Dh12.20 yesterday. “The holiday on Monday prompted may day-traders to unwind their positions,” said a DFM broker.

The banking sector traded a modest volume of 1.7 million shares on DFM with Dubai Islamic Bank closing 8 fils down at Dh9.97. Overall the market traded a smaller volume compared to Saturday. While DFM traded 78 million shares worth Dh741.9 million, Abu Dhabi Market traded 22.8 million shares from Dh85.6 million.

On Abu Dhabi Market the banking sector shares closed lower with the exception of Union National Bank that gained 1.05 per cent to close at Dh8.68. While Abu Dhabi Islamic Bank slipped 1.9 per cent, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank were down by more than 0.5 per cent. While most cement shares closed unchanged, telecom share Etisalat closed 2.1 per cent down at Dh18.35.