(MENAFN- Khaleej Times) Bears dominated UAE stocks on Monday as Dubai Index suffered a 1.7 per cent decline and Abu Dhabi declined by 0.6 per cent amid low trading volume.
Both the capital markets continued downward journey for the second consecutive day of post-Eid holidays. But trading activity is picking up as 329 million shares changed hands compared to 257 million shares traded on Sunday.
The Dubai Financial Market's General Index decreased by 1.68 per cent to 2,622.73 points while Abu Dhabi Securities Exchange's main Index down by 0.57 per cent to 3,877.16 points.
Many investors are still away and probably on vacation, which is one of the reasons for bearish trend, according to analysts. Bourses in Saudi Arabia, Qatar, Oman and Bahrain remained closed for Eid holidays.
Analysts further said that it could be a temporary correction after strong rallies since the beginning of the year. Dubai Index is still 62 per cent up year-to-date. Last month, DFM Index jumped by 16.5 per cent and Abu Dhabi Securities Exchange index increased by 8.3 per cent.
At the DFM, Arabtec Holding led the list of volume leaders with 78 million shares and its stock declined to Dh2.45, followed by Gulf Finance House 51 million shares with a closing price of Dh0.50, and Dubai Investment's 44 million shares changed hands and the stock closed at Dh1.90.
Dubai Financial Market company was on top among the top value losers as its stocks lost 3.3 per cent and closed at Dh2.1 followed by Ajman Bank down by 3.2 per cent to Dh2.1 and Shuaa Capital lost 2.9 per cent to Dh0.75.
Abu Dhabi witnessed 116 million shares trading with 1,877 total trades. Aldar topped the list of most active scrips with 166 million shares and its stocks closed at Dh2.75, followed by First Gulf Bank with 64 million shares and price at Dh16.9, and etisalat came third with 17 million turnover and closing price of Dh11.70.
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