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Dubai: The UAE stock markets had a mixed day with the Dubai Financial Market climbing 0.65 per cent and the Abu Dhabi Securities Market Index falling 0.14 per cent.
For the Abu Dhabi market, it was a decline for the second consecutive day after it slipped 0.4 per cent on Monday.
The ADSM Index closed at 4,990.78. Traders, however, do not find this slight drop in momentum on the markets worrisome.
Characterising this week's movement as "sideways," rather than up or down, Mousa Haddad, head of trade, Discretionary Mandate, National Bank of Abu Dhabi, is positive in his outlook in the long term, saying Abu Dhabi market is likely to outperform Dubai this year.
Haddad said foreign investors are moving some of their assets to markets such as Qatar, Saudi Arabia and even Kuwait. He expects them back in the UAE markets sooner than later.
However, he said, foreign investors are accumulating shares of some selective stocks such as Aldar Properties and etisalat, companies that have performed well this year.
Aldar was the third heaviest traded stock on the Abu Dhabi market, ending the day at Dh11.70, up 1.3 per cent. Of the 44 traded stocks, 20 gained, 21 declined and three remained unchanged. The gainers were led by Fujairah Cement, followed by Union Insurance, gaining 9.9 per cent and 9.7 per cent respectively.
The top losers were National Maritime Dredging Company (NMDC) and Gulf Medical Projects Company (GMPC), falling 9.5 per cent and 7.4 per cent respectively.
Dubai ended the day at 5,751.73, bringing it into positive territory after it traded in the red for all sessions on Monday. Emaar was the heaviest traded stock but fell 0.86 per cent to close at Dh11.50. Dubai Financial Market (DFM) also declined 0.8 per cent to Dh5.96. Of the 24 traded stocks, 14 advanced, nine retreated and one remained unchanged.
Deyaar Development recovered yesterday to gain 0.44 per cent to close at Dh2.28. It had declined 1.3 per cent on Monday, its biggest drop in four days.
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