Secondary stocks remain key focus of Abu Dhabi Securities Exchange trading |
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A clear concentration of trading on secondary stocks, instead of leading ones, has started to dominate the Abu Dhabi Securities Exchange and is expected to continue for a few sessions.
Speculations are also expected to continue on cheap stocks in absolute terms, with fluctuation in prices. However, the impact of these stocks is limited on the overall trading.
The ADX index continued to close over the level of 4550 points for the second session and reached 4565.84 points, gaining 7.80 points or 0.17 per cent.
The turnover remained at low levels as 86.8m shares changed hands at a total value of Dh555.2m.
This level of turnover is also expected to continue during the next two weeks.
Wadhah Al Taha, a senior market analyst, said leading stocks could prop up the ADX index despite increasing speculation in the market.
"Yesterday, Aldar and Sorouh were the main players in holding the index at its current level. Four stocks achieved the up or down limits during the session, but their impact on the index was limited and Aldar was the leading stock, acquiring around 45 per cent of the total trade value," he said.
The long-term trend in the ADX is projected to be on the downward side. However, Taha said the ADX needs to remain over the level of 4550 points during the next two weeks to limit this downturn.
Ahmed Al Rawi, a trader at Dubai Financial Brokerage, agreed that the ADX was giving positive signs by remaining over its critical support level of 4550.
"This will encourage investors, despite the increasing speculations. Prices of leading stocks are still at low support levels and can attract investors. However the turnover was dropping throughout August as both foreign and local investors were out of the market," Al Rawi said.
He highlighted international factors that may support the UAE markets during the next few weeks.
Aldar to add shares
ALDAR Properties will add around 9.7m shares to its listed shares in the Abu Dhabi Securities Exchange today. The new shares are Sukuks, which the company has agreed to convert into shares. The total listed shares of ALDAR will reach more than 2.554bn after the new shares are added.
By Mohamad Al Kady
© Emirates Business 24/7 2008
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