Stock trading on the Dubai Financial Market was dull yesterday amid low volumes as investors awaited a sizeable catalyst to determine the direction of the market.
The Dubai Financial Market General Index ended almost flat at 3,903.38 points. Traded value stood at Dh294.3 million, well below the 50-day average of Dh922.9m, according to Bloomberg data.
“There’s a lack of catalysts,” said Marwan Shurrab, the fund manager and head of trading at Vision Investments and Holdings in Dubai.
Arabtec, the region's biggest contracting firm, was unchanged at Dh3.19. Damac, the property developer, rose 1.1 per cent to Dh2.56.
The lack of investor interest was apparent despite oil prices rising yesterday.
Brent crude traded 2.3 per cent higher midafternoon UAE time to hover at US$55.95 a barrel in London.
In the capital, gains in property stocks were offset by bank stocks.
Aldar Properties rose 0.3per cent to Dh2.59 after it announced full-year profit of Dh2.27 billion.
The Abu Dhabi Securities Exchange General Index inched up 0.03 per cent higher to 4,626.92 points.
halsayegh@thenational.ae
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