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27/07/2010 00:00 AST
UAE bourses on Monday managed to close in positive columns, but the volumes recorded a ‘significant’ decline to hit two-week low as the investors wait for more earnings results as well as clarity on Dubai World’s debt-restructuring plan.
Dubai shares advanced for the first time in three days as Arabtec Holding PJSC signed a construction deal and Aramex PJSC reported 10 per cent growth in second-quarter profit. Emirates NBD, shrugged off an early earnings-driven decline to end higher, helping Dubai Financial Market to recover some of the previous ?day’s losses.
The benchmark index advanced 2.71 points, or 0.18 per cent, to 1,509.66 points in low trade. Out of 26 stocks traded yesterday, 14 posted gains while four remain unchanged and 18 declined as investors exchanged only 63.12 million shares worth Dh75.32 million compared to 122.15 million shares a day before on the exchange.
“GCC markets are struggling to generate strong catalysts to attract investors,” said Ali Khan, Head of Cash-equity trading at Arqaam Capital Limited. He said markets rose due to random price action rather than something specific.
Emirates NBD rose 0.81 per cent to Dh2.50 despite reporting a decline in second-quarter profit. Emaar Properties fell 0.31 per cent while Arabtec Holding gained 1.15 per cent after signing a $680 million deal for La Hoya project.
Aramex, the Middle East’s biggest courier company, climbed to the highest level in almost four months. It added 1.8 per cent to Dh1.70, the highest level since April 1.
“When it comes to UAE banks, and especially those from Dubai, they will have to book huge provisions this quarter and coming quarters, so it’s very difficult to estimate earnings, because there’s a lot of uncertainty and ambiguity about the size of bad loans,” said Shakeel Sarwar, Sico Investment Bank head of asset management.
“The bulk of these provisions will come from quasi-government institutions,” Sarwar added.
ADX stays positive
Abu Dhabi Securities Market’s General Index edged up 0.8 point, or 0.03 per cent to 2,559.45 points. Sorouh Real Estate rose 2.84 to Dh1.81.
Waha Capital declined 2.94 per cent to 0.66 fils while Dana Gas and Aldar Properties fell 1.27 and 0.40 per cent, respectively. In terms of value, etisalat remained on top as its shares worth Dh12.37 million were traded on the exchange. In terms of volume, Dana Gas remained on top as its 7.25 million shares exchanged hands on the exchange.
Khaleej Times
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-2,870.62 (-48.15
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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