Share trading across the Arabian Gulf slowed dramatically on Sunday, as investors retreated to the sidelines ahead of the anticipated start of the month of Ramadan.
Just 85.56 million shares changed hands on Sunday in Dubai, less than a quarter of the daily average volume for the year to date.
Doha’s stock market volumes were just over half their daily average for the year.
The Dubai Financial Market General Index ended a choppy day up 0.68 per cent at 3,285.27, thanks to late gains by Emaar Properties and DIB.
Emaar Properties opened lower but rallied towards the close of trading to end up 1.46 per cent at Dh6.24. DIB followed a similar trajectory, ending up 1.8 per cent at Dh5.04.
Trading volumes in Abu Dhabi were only slightly lower than their daily average for the year. The emirate’s headline index finished up 0.9 per cent at 4,295.75.
This was attributable to just one stock, Eshraq Properties, as 89 million of its shares changed hands during the day.
Other than Eshraq, just 29 million shares changed hands in the capital, with only seven stocks experiencing trading volumes of more than a million shares.
Heavyweight stocks Etisalat and FGB led gains on the index, closing up 1.9 per cent and 1.2 per cent respectively.
Shares in NBAD and ADCB also ended the day in the black, closing up 1.9 per cent and 1.2 per cent respectively, after the UAE Central Bank governor Mubarak Al Mansouri said that bank liquidity was improving and that there would be a return of government deposits to banks.
jeverington@thenational.ae
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