Calm trading prevails on Abu Dhabi bourse

The Abu Dhabi Securities Exchange (ADX) moved in a narrow range yesterday and ended the session flat at 2753.17 points, down by 1.51 points, or 0.05 per cent.

Calm trading dominated the market with low fluctuations in leading active stocks.

The market witnessed one of the lowest turnover levels so far this year with 39.2 million shares worth Dh83 million changing hands.

The low turnover came as heavyweight etisalat was suspended from trading due to the meeting of its board of directors.

Real estate and energy stocks were the top active ones and they continued to move in a very limited range up or down.

Dana was the top active stock and it closed flat at Dh0.87 while Aldar came second, adding 1.3 per cent to close at Dh3.86.

There were no movers in the ADX yesterday and even positive announcements did not reflect in the market's movements.

The Securities and Commodities Authority has approved the extension of Taqa's buyback programme for another year ending February 2011.

The approval is for the completion of the buyback programme of a total of 10 per cent of the company's shares, according to a statement on the ADX. Despite the announcement, the stock remained flat at Dh1.23.


Etisalat likely to rally

Etisalat is expected to witness a rally today after its board of directors recommended a 60 per cent cash dividend for earnings in 2009.

"This is to be paid as of Sunday, April 18, 2010, to the shareholders listed in the Shareholders Registry at the closing of the business day on Sunday, April 4," said a statement on the ADX.

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