Dubai shares declined on low volumes yesterday as the summer stock market lull started early with temperatures rising and investor interest waning.
“The market is very quiet, no volatility, low volumes,” said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi. “We have entered summer season.”
About Dh79 million worth of shares traded on the Dubai Financial Market (DFM), compared with the 50-day average of Dh297.9m, according to Bloomberg. In Abu Dhabi, Dh52.6m worth of shares changed hands, compared with the 50-day average of Dh88.3m.
Dubai Islamic Bank, the country’s biggest Sharia-compliant lender, declined 2 per cent to Dh1.89. Air Arabia, the region’s biggest budget airline, fell 1.1 per cent to 58 fils. The DFM General Index slipped 0.2 per cent to 1,477.04.
On the Abu Dhabi Securities Exchange (ADX) General Index, Arkan Building Materials rose 1.2 per cent to 79 fils a share after it said it was seeking a Dh1.4 billion loan. Etisalat, the region’s biggest telecommunications operator, fell 0.2 per cent to Dh8.79. Abu Dhabi Commercial Bank, the country’s third-biggest lender, slipped 0.3 per cent to Dh3.05. The ADX General Index was down 0.1 per cent to close at 2,456.68.
Elsewhere in the region: Kuwait’s measure declined 0.9 per cent to 6,216.04; Bahrain’s was little changed at 1,143.14; Oman’s MSM 30 Index advanced 0.2 per cent to 5,697.70; and Qatar’s QE Index rose 0.2 per cent to 8,508.97. The Saudi Tadawul All-Share Index rose 0.9 per cent to 7,056.68.
Kuwait inflation plunges to nine-year low
Kuwait's annual inflation rate fell to a modest 2.7 per cent in October - its lowest in nine years, despite robust consumer spending and some improvement in business sentiment, said a report.