Abu Dhabi stock market witnesses major sell-off

DUBAI — Shares in the UAE markets yesterday continued their retreating tempo for the second straight day this week, with Dubai's main index falling 0.56 per cent to 4,226.77. The Abu Dhabi bourse plunged 97.37, or 2.76 per cent, to close at 3,430.03.

By A Staff Reporter

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Published: Tue 31 Jul 2007, 8:59 AM

Last updated: Sat 4 Apr 2015, 10:23 PM

With Emaar Properties, the largest publicly listed real estate developer in the Arab world, and Dubai Islamic Bank (DIB) as volume pushers, the Dubai Financial Market (DFM) General Index posted a value of Dh767.98 million for the total number of traded shares.

Emaar dropped 0.92 per cent to Dh10.70 while DIB, which holds the distinction of being the world's first fully-fledged Shariah-compliant bank, slipped 1.51 per cent to Dh9.76.

Arabtec Holding, an investor in the contracting sector, was DFM's biggest loser with a fall of 2.9 per cent to Dh5.68. Dubai Islamic Insurance declined 2.78 per cent to Dh24.40, Emirates Bank Int. slumped 1.62 per cent to Dh9.10, Dubai Islamic Bank decreased 1.51 per cent to Dh9.76, and Gulf General Investments lost 1.28 per cent to Dh7.70.

The gainers were led by International Financial Advisers, a Kuwaiti shareholding company, with a jump of 15 per cent to Dh11.50, followed by Gulf Navigation Holding, the Dubai-headquartered regional oil and chemical carrier, with a rise of 2.4 per cent to Dh1.28.

The other big gainers were Dubai Investments Co., which climbed 1.31 per cent to Dh4.61; the Sharjah-based budget airline AirArabia, which rose 0.92 per cent to Dh1.09; and DFM Co., the only publicly traded stock exchange in the region, which advanced 0.67 per cent to Dh2.97.

United Arab Bank, which provides corporate and retail banking products and services, fell 8.51 per cent to Dh6.77, trailing all companies at the Abu Dhabi Securities Market (ADSM) Index. National Bank of Abu Dhabi, National Bank of Ras Al Khaimah and Aldar Properties all dropped over five per cent.

Al Buhaira National Insurance Co. topped the gainers with a rise of 9.89 per cent to Dh8.67 while Emirates Driving Co. increased 5.52 per cent to Dh3.44, and Qatar Telecom climbed 3.96 per cent to Dh249.50.

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