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DFM and ADSM shares drop

DUBAI — The Dubai bourse retreated yesterday, with the index of 28 trading companies dropping 73.13 points or 1.2 per cent to close at 6,081.93.

Shares in Abu Dhabi continued going south and lost 31.79 points or 0.7 per cent to finish the day's trading at 4,715.45.

Shares in Emaar Properties were valued at Dh521.8 million, leading the decline at the Dubai Financial Market (DFM) General Index. The largest property developer in the Middle East and North Africa, Emaar fell 2.3 per cent from Dh15.45 to Dh15.10.

Declining 3.7 per cent at 1,140.78 points, the telecommunications sector was the biggest loser among DFM's sub-indices while the utilities sector gained three per cent at 6,057.69. The materials and the common staples sectors were flat.

DFM saw 12,828 trades from 19 companies that declined, eight that advanced and one that remained unchanged. Shares value amounted to Dh2.7 billion.

Arab Insurance Group was the biggest loser with a drop of 5.7 per cent from Dh3.50 to Dh3.30 followed by Arabian Scandinavian Insurance, which declined 4.8 per cent to Dh2.17 and Dubai Islamic Insurance with a slide of 3.8 per cent to Dh30.30.

Emirates Integrated Telecommunications Co (du), the UAE's second telecoms firm, fell 3.7 per cent from Dh7.35 to Dh7.05 while Shuaa Capital, a Dubai-based investment bank covering the Gulf region, slipped 2.4 per cent to close at Dh6.80 after reaching an intra-day trading of Dh6.94.

The gainers were led by Dubai Refreshments Co, which climbed five per cent from Dh15 to Dh15.75, and the regional leader in Islamic investment and commercial banking, Bahrain's Gulf Finance House, which advanced 4.2 per cent from Dh12 to Dh12.50.

Emirates Driving Co led the losers in Abu Dhabi with a fall of 9.7 per cent to Dh5.60 while the Oman & Emirates Investment Holding Co dropped 6.4 per cent to Dh30.