By: Mahmoud Gamal

Dubai-Mubasher: A total of eleven stocks listed on Dubai and Abu Dhabi’s bourses managed to see a positive performance in Tuesday’s early trades.

The markets are weighed down by lower oil prices and the possibility that Federal Reserve may raise interest rates, according to capital market analyst Maged Al-Azmi.

The Dubai Financial Market’s (DFM) main index fell 0.45% or 15.81 points to reach 4,514.30 points by 12:30pm UAE time.

On the other hand, DFH Holding, Damac Properties, Al Salam Group Holding and Aramex rose 2.46%, 0.68%, 0.3% and 0.26%, respectively.

Traders tended to direct their investments towards some stocks like GFH Holding and Aramex which witnessed some positive news, Al-Azmi added.

GFH Holding earlier announced in a bourse statement that it signed memorandum of understanding (MoU) for the potential acquisition of a majority shareholding in Bank Alkhair.

Aramex also said that it entered into a partnership with Dubai-based NewBridge Pharmaceuticals.

The market’s turnover reached AED 110.26 million after trading 101.35 million shares through 1,224 transactions.

The Abu Dhabi Securities Exchange’s (ADX) general index slid 0.10% or 2.28 points to reach 3,508.27 points. However, Sharjah Cement, Arkan Building Materials, Gulf Cement Co., Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) grew 5.4%, 2.4%, 1.5%, 1.1%, 0.7% and 0.4% respectively.

Abu Dhabi’s market saw trading of 16.68 million shares through 349 transactions, with a turnover of AED

Al-Azmi expected the UAE markets to exhibit a sideways-to-bearish trend amid selling pressures till the end of this week.

Translated by: Julian Nabil