Both volumes and values tended lower on the stock market last week. The UNB Index eased 0.1 per cent to 84.56 points, the Emnex 0.39 to 1,553.69, the NBAD Index 0.22 to 2,495.68, and the NBAD Emirates Stock Markets Index 0.15 to 990.

The market witnessed a 24 per cent fall in turnover to Dh31.96 million (Dh42.08 million). The Dubai floor saw shares worth Dh14.1 million changing hands versus Dh16.87 million the previous week, Abu Dhabi Dh2.69 million (Dh7.69 million), and the OTC Dh15.17 million (Dh17.52 million). Market capitalisation is Dh81.94 billion.

UNB noted that the market is down 1.6 per cent for the year, but pointed out that if its 50-day moving average crosses over the UNB Index - now just 0.9 per cent above it - a recovery could be in the offing.

Sentiment last week was mixed, with 10 gainers and 10 losers of 44 counters tracked.
The report added that those to end in positive territory included Al Wathba, Manasek, Abu Dhabi Coop, Emirates Insurance, Abu Dhabi Aviation, Al Khazna, Oasis, Dubai Islamic and Emirates Bank.

Counters to end on the negative side of the ledger included Al Sharjah Insurance, National Bank of Fujairah, Tabreed, National Bank of Sharjah, National Bank of Dubai, Dubai Investment, Shuaa, Abu Dhabi Islamic, First Gulf and Abu Dhabi National Insurance.

Unadjusted market PE stands at 14.5 (x) historical earnings, adjusted PE excluding six stocks at 11.64 (x), price to book at 2.14 (x), and dividend yield at 5.6 per cent.