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Dubai: The UAE markets had a mixed day yesterday, with Dubai Financial Market (DFM) advancing 0.6 per cent to 5,859.6 and Abu Dhabi Securities Exchange (ADSE) sliding 0.7 per cent to 5,002.6.
Both volumes traded and turnover weakened on both the markets. In Dubai, it fell 60 per cent and 49 per cent respectively to 273.8 million shares and Dh999.2 million. The volume in Abu Dhabi declined 38.4 per cent to 153.9 million shares while turnover fell 36 per cent to Dh731.2 million.
"Volumes being low is not a bad sign as that means no downside pressure and market waiting for a direction or new momentum to gather," said Haissam Arabi, managing director, asset management, Shuaa Capital. "There will be no news coming for a while, so until mid-July when second quarter earnings come out to confirm the growth trend, we could see the market take some profits sideways."
In Dubai, Gulf Navigation Holding bounced back to gain 2.22 per cent to Dh1.84. Al Salam Bank Bahrain led the gainers, up 3.23 per cent to Dh 2.56 following the announcement of 42 per cent increase of its net profit to 7.4 million Bahraini dinar.
In Abu Dhabi, of the 49 stocks traded, 31 declined, 15 advanced and 3 remained unchanged. Energy, real estate and construction were all down 1.7 per cent, 1.5 per cent and 1.1 per cent respectively. Aldar Properties and Aabar Energy fell 0.2 per cent and 0.14 per cent respectively.
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