UAE stock markets fell to six-week lows yesterday, with the market offering few buying catalysts for investors.
The Dubai Financial Market General Index lost 0.51 per cent, closing lower at 3,285.06, as investors sold stock to participate in rights issues by Dubai Parks and Resorts and Ajman Bank, sucking liquidity out of the remainder of the market.
Investors piled into Dubai Parks and Resorts’ rights issue shares on the final day of their trading on the exchange, their price rising by 10.66 per cent to 27 fils.
Dubai Parks and Resorts gained 0.79 per cent to Dh1.28.
Ajman Bank shares was among the top gainers yesterday, rising 4.02 per cent to Dh1.81 ahead of Sunday’s launch on of the bank’s Dh675 million rights issue.
Emaar Malls and Emirates NBD shares led a sell-off of big-name stocks, closing down 1.81 and 1.21 per cent respectively.
“There’s not much appetite among investors right now, everyone’s waiting for catalysts and a bit of direction,” said Khaldoun Jaradat, a trading manager at Brokerage House Securities in Dubai.
The Abu Dhabi Securities Exchange General Index ended a quiet day of trading down 0.32 per cent at 4,311.27, dragged down by falling Etisalat shares.
Shares in Waha Capital were the pick of a handful of gainers in the capital, rising by 1.5 per cent to Dh2.03.
jeverington@thenational.ae
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