ABU DHABI / WAM
Ups and downs in the UAE financial markets dominated Thursdayâ€™s session amid liquidation margin, driving the general index of Abu Dhabi Securities Exchange up by 0.34 percent or 4,653 basis points while the Dubai Financial Market saw a 0.33 percent drop to 3,634 basis points.
The market value of shares traded gained by AED25.5 billion due to a rise in the share price of Emirates Islamic Bank to AED10.40 per share although the stock had no influential weighting in the general index. Weekly monitoring of liquidity and trading values of deals showed Abu Dhabi and Dubai financial markets decrease by AED5.1 billion, where the number of shares traded totalled 2.8 billion in 33,800 transactions. The movement of general indicators in both markets saw a price swing in the past five sessions amid market speculation, impacted stocks, which led to intermittent profit and loss throughout the week. Brokers said that overall the market was quiet as a result of the weekâ€™s transactions in general, in spite of the volatility that dominated most sessions.
Hisham Amer, a financial expert, said, â€œIt was clear that the focus of bulk cash transactions on selected stocks were characterised by large margin fluctuations,â€ and added that liquidity margins registered a decline compared to the previous week due to uncertain financial market conditions.