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DFM, ADX drop over 1pc each

DUBAI - UAE shares dropped on Tuesday, with Tamweel and First Gulf Bank (FGB) among the losers. The Dubai Financial Market (DFM) General Index fell over one per cent to close at 5,338.78 and the Abu Dhabi Securities Exchange (ADX) General Index dropped 1.1 per cent at 4,869.53 points.

Tamweel, the country's largest mortgage lender, declined 3.3 per cent to Dh7.11 while Dubai-based investment bank Shuaa Capital was the biggest loser on DFM with a slump of 6.2 per cent to Dh6.10 and Commercial Bank of Dubai slipped 3.5 per cent to Dh10.90.

The biggest publicly listed real-estate developer in the Middle East and Africa, Emaar Properties, was flat at Dh10.55 as a global securities firm initiated coverage of the company and 11 other property firms in the region.

Morgan Stanley, the second-biggest US securities firm, gave six "overweight" recommendations to companies including Emaar, Aldar Properties and Sorouh Real Estate. Three companies were rated "underweight" and three "equal weight".

Countries in the Gulf have announced Dh7.35 trillion ($2 trillion) of construction projects, reports said in March.

Twenty-eight companies traded on DFM, resulting to shares value of Dh1.3 billion compared to the 50-day average of Dh1.09 billion based on Bloomberg data. About 57.5 million shares traded on ADX valued at Dh378.4 million compared with the 50-day average of Dh1.31 billion.

First Gulf Bank, the Abu Dhabi's second-largest lender by market value, retreated 2.2 per cent to Dh26.60 as Commercial Bank International trailed all other ADX-listed companies with a fall of five per cent to Dh2.85 followed by National Bank of Abu Dhabi, which decreased 3.7 per cent to Dh20.50.

Jose@khaleejtimes.com