Early trading on the Dubai Financial Market was quite flat, until last-minute selling in Emaar prompted the general index to fall 0.18% to 3,805.05 at the end of the day's session."Thirty minutes before the market closed we started to see some heavy sellers and the index drop quite significantly. I do believe it is because of Emaar's performance," said Alfred Fayek, senior and institutional sales for the EFG-Hermes Brokerage in the UAE."I doesn't help that everybody is waiting on the announcement between Dubai Holdings and Emaar, which still hasn't arrived. I believe investors are beginning to move away from appeal of large cap [capitalisation] companies such as Emaar and looking at buying into small cap companies such as Aramax, Tabreed and Shuaa," said Fayek.
But while Emaar lost 1.38% of its share price to close at AED10.75, it was not the biggest loser on the exchange. DNIR and Mazaya reported losses. The former fell 4.85% to AED2.94 while the latter dropped 2.90% to AED6.70189 million shares traded hands worth AED525 billion. But unlike last week, where the DFM company claimed the highest volume in traded shares, GulfNav nabbed the top spot having reached 66 million by the end of play today.Flying high on the winners list was Arig, GulfNav and Tabreed - which saw their share prices go up 7.01%, 3.81% and 3.26% respectively. This is testimony to the move towards small cap companies, said Mr Fayek.The Abu Dhabi Securities Market (ADSM) also reported losses. The general index lost 0.58% to close at 3,048.80. Losers outdid winners by 7:3. Source
No comments:
Post a Comment