Market pares early gains

Dubai Financial Market (DFM) opened with a bullish tone on Sunday but trading seems to be losing its steam by the mid-session. At 11.50am, the benchmark index was 1,774.12, down marginally by 3.07 points or 0.17 per cent, with all sectors except financial, telecom and utilities, trading in the red. Stocks pulling the market down were Dubai Islamic Insurance, Commercial Bank of Dubai, Aramex, Air Arabia, Drake and Scull International, Arabtec, among others. Stocks of DP World and Emaar Properties were trading flat. On Sunday Global Investment House disclosed it interim unaudited condensed consolidated income statement for the nine months announcing a net loss of KD46.2 million, down from KD104.2 million in the same period last year. On Thursday, DFM rose to its highest in 6 and a half months, as the benchmark index closed at 1,777.19, up 44.72 points or 2.58 per cent, its highest since April 18. However, analysts are optimistic on the near term outlook. “The market sentiments are better after recent results started pouring in. Comparing the situation that was in 2009 and this year, the corporate growth is appearing to be coming,” Krishnamurthy, CEO of the brokerage firm Dubai International Securities, said. Abu Dhabi Securities Exchange (ADX) was up marginally by 4.91 point.