UAE bourses performance unpredictable on thin liquidity

UAE stock markets opened today’s sessions in red, hurt by Thursday’s fall in the Saudi bourse and other global peers.

However, both Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) relatively recovered from this downturn, thus breaking the correlation with Tadawul and other global exchanges, with most stocks reversing directions thus far.

Dubai Financial Market General Index (DFMGI) eked out a modest gain of as much as 0.02%, or 0.37 point to 1566.71, compared to Thursday’s closing level of 1566.34. The measure peaked at 1567.21 and bottomed out at 1552.03.

Trading activity retreated compared to Thursday’s levels. Traded volume dropped 25.6% to 110.5 million shares, compared with 148.5 million shares. Similarly, turnover fell 24.5% from around AED 183.45 million to AED 138.45 million. The number of transactions also decreased 13.8% from 2345 to 2021.

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