Abu Dhabi: The Dubai Financial Market (DFM) index continued to move slowly for the second day in a row on Wednesday, falling 0.09 per cent to end at 4,622.11, while the Abu Dhabi Securities Exchange (ADX) general index gained 1.06 per cent to reach 4,950.35.

The DFM index kicked off the day’s trade at 4,680 and remained relatively stable until 1pm when it tumbled to nearly 4,600 in half an hour and ended the day close to that level.

Arabtec continued to top the market in Dubai in terms of value, accounting for 44 per cent of total market trade value. The share price however fell 1.37 per cent to Dh4.32.

Emaar was the second most active stock in terms of value, despite share prices ending the day with no change. Union Properties shed 0.55 per cent and DFM share prices fell 0.71 per cent. Both Dubai Ports World and Dubai Islamic Bank went up, gaining 2.63 per cent and 1.19 per cent respectively.

Sebastien Henin, head of asset management at The National Investor, attributed the slow movement in the market to various reasons which include the relative stability of oil prices over the past couple of weeks.

“There has been more success to contain Daesh, which is causing conflict in the region. We’ve also seen stability in western markets and I think this is important because one of the things that triggered the markets a few weeks ago was weakness among developed markets,” he said.

Henin added positive Q3 results from various blue chips have helped the market gain further stability after its performance last week.

“I think in the coming days what might push the market in one direction or the other will probably be results of listed companies. If we continue to have positive results in the coming days, it will probably give a boost to the market,” he said.

In Abu Dhabi, National Corporation for Tourism and Hotels topped the gainers’ list with a 7.54 per cent increase, followed by Dana Gas with a 3.33 per cent rise, First Gulf Bank with 3.05 per cent and Gulf Cement Co. with 2.17 per cent.

Of the 31 stocks traded on DFM, 14 went up, 13 went down and four remained flat. Of the 30 stocks traded on ADX, 17 advanced, 10 declined, and three remained unchanged.