#UAE traders steer clear of new positions

UAE traders steer clear of new positions:

UAE traders were unwilling to place fresh positions, resulting in a sideways trend on the Dubai index.

The Dubai index has been trading sideways for the past four sessions. The index had been on a gaining streak since the past two weeks, gaining 9 per cent till last Wednesday. The Dubai Financial Market General Index closed 0.04 per cent higher at 2,643.51. Traded value fell to Dh162 million on Monday, compared to Dh200-300 million in the last few sessions, indicating declining interest.

Arabtec closed 0.92 per cent higher at Dh2.20. DP World closed 1.74 per cent higher at $16.33. Small stocks in the UAE are still struggling. Union Properties closed 1.04 per cent lower at Dh0.381. RAK Properties closed at Dh0.46, up 0.44 per cent. Gulf Finance House closed at Dh0.958, down 0.73 per cent.