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Dubai: With thin trading volumes and some profit taking, it was a flat week for the local markets, but both Dubai and Abu Dhabi managed to make slight gains over the previous week.
The Dubai Financial Market General Index and Abu Dhabi Securities Market Index were both up 0.2 per cent over last week's close.
"The market, fundamentally speaking, is in good shape. We still see good value in the market, and importantly as well, I think the global markets are settling down," said Khalid Masri, partner at Rasmala Investments, earlier this week when Abu Dhabi fell for two days in a row. "So over the next few weeks we will see more consolidation with a few bouts of profit taking here and there. I would say it will be calmer but steady."
Haissam Arabi, head of asset management at Shuaa Capital agreed. "With the overall picture being positive, the market will increase continuously but in intervals," he said.
For the week, combining both markets, the top three companies by trading value were Gulf Navigation, Arkan Building and Deyaar Development, up 14.5 per cent, 10 per cent, eight per cent respectively.
In terms of share price movements, the two best performers were International Fish Farming, advancing 49.9 per cent from Dh13.45 to Dh20.10, and Abu Dhabi National Takaful, gaining 22.9 per cent from Dh7 to Dh8.60.
National Marine Dredging and Al Ain Ahlia Insurance witnessed double-digit declines, down 16.3 per cent and 12.1 per cent respectively.
After two days of decline, the Abu Dhabi market advanced, adding 0.6 per cent to end the day at 5,034.9. Telecom, energy and healthcare sectors were among the gainers, up 1.41 per cent, 1.17 per cent and 1.95 per cent respectively.
eitisalat, rose for the first time in five days. It advanced 1.4 per cent to Dh21.65. Abu Dhabi National Energy, or Taqa, gained 2.3 per cent to close at Dh3.58.
The Dubai measure was down 0.5 per cent from Wednesday to close at 5,829.9.
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