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ADSM gains 1.5 per cent

DUBAI — Shares in Dubai yesterday dropped 0.1 per cent to close at 5,460.44, with Arab Insurance Group (ARIG) trailing all other listed companies. The Abu Dhabi bourse advanced 1.5 per cent for a second day to 4,676.57 points, as the declines earlier this month have made stocks attractive.

Bahrain-based ARIG slipped 10.3 per cent to Dh3.57 while UAE’s Air Arabia, the first and largest low-budget carrier in the Middle East and North Africa, and Deyaar Development slumped 2.1 per cent each to Dh1.87 and Dh2.36, respectively.

Al Salam Bank-Bahrain yesterday saw its first day of trading on the Dubai Financial Market (DFM), the first market outside Bahrain to list the bank. This brought to 57 the number of public joint stock companies listed on DFM.

Dubai-based DP World, an international marine port operator owned by the Dubai government, lost 1.2 per cent to $0.83 at the Dubai International Financial Exchange.

Aldar Properties, which plans to convert existing Islamic bonds into eight million shares, advanced on the Abu Dhabi Securities Market (ADSM) Index for a second day at 2.9 per cent to Dh10.55.

Abu Dhabi National Energy Co climbed 2.5 per cent to Dh3.28, ending its three days of losses. An investor in the energy industry, the company plans to develop power and water projects with Abu Dhabi-based Oasis International Power LLC.

“The momentum from yesterday is continuing,” said Sherif Abdel Khalek, head broker at Al Futtaim HC Securities, in a Bloomberg report. “The prices are still seen as attractive.”

Some 80 million shares traded on ADSM with a value of Dh528.5 million, as against the 50-day average of Dh1.01 billion.