DFM ends lower but trade volume doubles

Dubai Financial Market has ended the week in the red after it failed to maintain its gains in the previous session and closed at 5347.84 points, down by 57.89 points or 1.07 per cent.

However, trade value and volume nearly doubled in yesterday's session reaching Dh1.6 billion and 472.8 million shares respectively.

Ajman Bank dominated the trading and continued to be the most active stock by value and volume at Dh921m and 267m shares respectively. The stock also was the only gainer while the other 23 stocks declined in the session. The DFM index lost 160.93 points throughout the week, proving the market is still going through the downturn trend.

"The sharp decline in most GCC markets on Wednesday also had enormous psychological impact on local investors. This is a very negative indicator because investors were selling heavily at low prices. The current increase in trade value will push the index to lower levels and it may reach the 5200 points very soon," said Waleed Al Khateeb, trading manager at Daman Securities.

"The market continued its losses. Institutional and local investors were both sellers," said Anne Marie Browne, head of foreign institutional sales at Al-Futtaim HC Securities.



ADX declines

Abu Dhabi Securities Exchange has ended the week just under the psychological support level of 5000 points and closed at 4996.50 points after losing 9.69 points, or 0.19 per cent.

Trade value continued its decline to less than Dh1 billion while the index started the week with trade value of over Dh2.4bn.

Also trade volume dropped yesterday to 201 million shares. Aabar and Agthia stocks topped the list of most active shares by both value and volume.

Waleed Al Khateeb of Daman Securities said institutional investments in ADX increased to Dh18bn during the last six months.