UAE shares dip on global sentiment

Dubai’s benchmark index (DFM) fell to one-week low on lacklustre trade, with investors reluctant to hold stocks ahead of a long weekend. The index fell 0.96 per cent to 1463.73. About 106.84 million shares worth Dh103.58 million were traded yesterday. Of the 28 companies traded, seven rose, 17 declined and four closed unchanged. DFM index has surged 8.25 per cent so far this year and fell 0.38 per cent this month.“The long-term drivers that don’t make the daily headlines are positive for the UAE - 2012 was meant to be a tough year because of all the debt maturities coming up, but almost have been successfully done,” said Ebrahim Masoud, senior investment officer at Mashreq Bank. Major markets in the Gulf are closed on Sunday for an Islamic holiday. Among the gainers, GGICO rose 7.38 per cent, followed by Shuaa by 5.14 per cent and Al Madina by 3.19 per cent. Among the losers, Ekttitab fell 9.43 per cent, followed by Dartakaful by 3.05 per cent and Mashreq Bank by 2.99 per cent. The Abu Dhabi Securities market (ADX) index fell 0.08 per cent to close at 2446.22 points. Real estate, consumer staples and banks sector dragged the index down. Of the 30 companies traded, seven rose, 15 declined and eight closed unchanged. About 42.52 million shares worth Dh75.60 million were traded yesterday. Among the gainers, Qtel rose 9.99 per cent, followed by ADCB by 2.53 per cent and Sharjah Islamic Bank by 2.38 per cent. Among the losers, Union Insurance Company lost 6.72 per cent, followed by National Takaful Company by 5.83 per cent and Sharjah Cement and Industrial Development Co by 5.41 per cent. “The correlation with global markets on the downside is also ongoing; investors would rather wait for developments in Europe ahead of a long weekend,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC. ADX index has surged 1.84 per cent so far this year and rose 0.22 per cent this month. “Investors seemingly unsure how to position themselves heading into this weekend’s crucial and highly-anticipated Greek election,” analyst said.from gulf news.com