UAE STOCK MARKT WITNESSED LOW VOLUME ON THE PREVIOUS TRADING SESSION

The Dubai Financial Market General Index ended 0.08 per cent lower at 3,903.38, and recorded volumes of Dh294 million, a quarter of the daily average.

“There has been a lack of catalyst and there is no real clarity for investors in terms of where oil is settling and people are still on the sidelines waiting for clarity on various international factors,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

Arabtec ended steady at Dh3.19, and was the most active stock in terms of value. Emaar Properties ended 0.55 per cent higher at Dh7.25, making it the second most active stock.

Out of a total of 34 stocks traded on the DFM, the no. of shares in advance were 12 and the number of declining share was 15.

The Abu Dhabi Securities Exchange General Index ended 0.03 per cent higher at 4,626.92, after trading in a tight range of 4,614.79-4,634.53.

Shares of Aldar Properties ended 0.39 per cent higher at Dh2.590 after it reported a 77 per cent jump in net profits to Dh2.27 billion.

Arkan Building Materials settled 1.04 per cent higher at Dh2.97, while Methaq Takaful Insurance rose 2.67 per cent to end at Dh0.77.

The advance decline ratio for the same was 10:12.

Oil prices rebounded more than $1 to $56 a barrel on Thursday, after a two-day decline, as a weakened dollar and industry spending cuts offset worries of a supply glut. Volatility in the oil market has jumped to the highest level since the financial crisis and it has become totally unpredictive.

AXA Cooperative Insurance Company ended 9.81 per cent to be at 26.30 Saudi Riyals, while Buruj ended more than 9 per cent higher at 54.50 Saudi riyals.

Out of a total of 163 companies traded on the exchange, the advance decline ratio was 123:26.

In other Gulf markets, Qatar Exchange Index was down 0.64 per cent at 12,607.60, while Kuwait Stock Exchange Index ended down 0.10 per cent to be at 6,695.89. Muscat Securities MSM 30 index ended 0.04 per cent higher at 6,657.85.

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