UAE stock markets ended the week in the downturn channel, with both Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) slipping yesterday, the latter by 48.58 points, or 2.55 per cent, to close at 1859.03.
High volatility continued in the DFM index, which fluctuated in a range of 60 points during yesterday's session. The index tried to continue its bounce of Wednesday's session but turned bearish quickly and moved in the negative area throughout trading. It went down closer to its support levels of 1800-1830 for the second time during the week.
Turnover increased yesterday during the intensified selling pressures in the market, with 613.1 million shares worth Dh867.6m changing hands during the session.
Realty and construction stocks continued to dominate more than 70 per cent of the total turnover, with the DSI stock attracting almost 40 per cent of the volume. The stock fluctuated sharply for the second session at high volumes after the company started its buyback programme, and ended the session down by four per cent at Dh0.97. Other active stocks retreated yesterday, except Tabreed, which added 4.5 per cent to close at Dh 0.93.
Shuaa Capital was the top gainer after it rallied by 14.84 per cent to close at Dh1.47. The rally came after the firm announced the settlement of its dispute with the Dubai Banking Group over a Dh1.5 billion convertible bonds issue. Both sides agreed on changing the conversion rate from Dh6 to Dh2.91 and Shuaa said it will issue 515 million shares to DBG, which will hold a stake of 48.4 per cent in Shuaa.
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