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TMCNet:  DFM index rises, ADX edges down marginally [Gulf News (United Arab Emirates)]

[December 17, 2012]

DFM index rises, ADX edges down marginally [Gulf News (United Arab Emirates)]

(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) Dubai: The Dubai Financial Market (DFM) index erased Sunday's losses on Monday and gained almost 1 per cent as investors bought shares in the heavily-traded real estate major Emaar, Ajman Bank and telecommunications operator du on improvement in global appetite for riskier assets. Market participants bought stocks in the hope that the ongoing budget negotiations in the US would have a positive outcome.



However, the cumulative volume and value of shares traded on the market on Monday fell compared to Sunday.

Global market sentiments over the past one week have been on an edge as Democrats and Republicans race against time to reach a deal that would help the US government avert automatic spending cuts and tax increases to the tune of over $600 billion (Dh2.2 trillion) next year, popularly referred to as the ‘fiscal cliff'.

The DFM index closed at 1,591.54, up 0.97 per cent and close to the psychological 1,600 level. If the global macro-economic indicators improve, the market index may rally near-term as the broad fundamentals of the market remain strong, say analysts.

Around 95.19 million shares, cumulatively worth about Dh116.67 million, were traded on the Dubai market on Monday. Around 10.06 million shares of Emaar, cumulatively valued at around Dh37.1 million, were traded, its stock closing 1.64 per cent lower at Dh3.71 on profit-taking by investors.

Of the 28 company stocks traded on Monday, 16 rose, while eight fell and four closed unchanged. The day's top gainer was Al Madina, its stock rising 5.33 per cent to close at Dh0.711. IFA was the day's main loser, its shares fell 9.95 per cent to close at Dh0.552. The shares of Emaar were the most traded by value, while Ajman Bank's shares were the most traded by volume.

Abu Dhabi market The Abu Dhabi Securities Exchange (ADX) general index fell marginally on Monday as investors booked profits amid low volume of share trading, which was cumulatively worth less than Dh60 million.

Telecommunications major etisalat's stock which had come under intense selling pressure last week due to the government's imposition of new royalty rates for the country's two telecom operators, remained unchanged at Dh9.03.

Investors also sold energy and industrial stocks as well as those of insurance companies and companies offering investment and financial services.

The stock market index fell 0.12 per cent to close at 2,610.94. Market experts say a drop below the 2,600 level would intensify downside risks in the market.

However, they maintain that any news on the widely anticipated merger of local real estate bigwigs Aldar and Sorouh will be a strong catalyst for a major rally in the market. The market is widely expected to be range-bound until the end of the year.

Around 51.53 million shares were traded on Monday, valued at about Dh59.7 million. Of the 25 company stocks traded, five advanced, while nine fell and 11 closed unchanged.

The stock of Abu Dhabi's real estate major Aldar Properties closed unchanged at Dh1.26. About 11.43 million shares of Aldar, cumulatively worth about Dh14.63 million, changed hands on the market. Sorouh Real Estate's shares also closed unchanged at Dh1.24.

The top gainer on the Abu Dhabi market was Commercial Bank International, its shares closing 9.57 per cent higher at Dh1.26. Arkan was the day's top loser, its stock closing 4.11 per cent lower at Dh0.70. The shares of Aldar were the most traded in terms of value while Eshraq's shares were the most traded by volume.

(c) 2012 Al Nisr Publishing LLC . All rights reserved. Provided by Syndigate.info an Albawaba.com company

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