DFM and ADX retreat on Iran crisis

DUBAI - UAE shares retreated yesterday, with Shuaa Capital dropping to the lowest in over four months, on continued concern over the nuclear programme of Iran, which test-fired a missile on Wednesday.

By (By a staff reporter)

Published: Fri 11 Jul 2008, 11:40 PM

Last updated: Sun 5 Apr 2015, 12:48 PM

The Dubai Financial Market (DFM) General Index, which only had one gainer, fell 1.1 per cent to close at 5,347.84 and the Abu Dhabi Securities Exchange (ADX) General Index slipped 0.2 per cent at 4,996.50.

"The Iranian situation continues to weigh on the market," said Motaz Herzallah, a senior broker at Emirates Securities, in a Bloomberg report. "Also some investors are liquidating their positions in anticipation of the low trading volumes during the summer."

Iran said the missile could reach Israel, angering the US. Washington has intensified its campaign for tougher sanctions against Teheran, which has vowed to pursue a nuclear programme.

Shuaa Capital, the biggest investment bank in the UAE, slumped 6.5 per cent to Dh7.01, its lowest close since February 27. Emirates Integrated Telecommunications Co (du) declined 1.9 per cent to Dh5.68 and Emaar Properties, the biggest listed real-estate developer in the Middle East and Africa, lost 0.5 per cent to Dh10.30.

Ajman Bank, whose shares value reached Dh921.8 million, added 1.5 per cent to Dh3.32. The bank paced DFM, whose total value of shares amounted to Dh1.58 billion compared with the 50-day average of Dh1.17 billion based on Bloomberg estimates.

Ras Al Khaimah Cement Co lost 2.1 per cent to Dh3.76 in Abu Dhabi trading as profit declined. The cement producer said net income dropped 46 per cent to Dh22.5 million during the first-half of the year.

Abu Dhabi Ship Building Co decreased 3.9 per cent to Dh4.90, trailing all other ADX-listed companies, followed by RAK Ceramic Co with a slide of 3.2 per cent to Dh3.91 and National Bank of Umm Al Qaiwain, which lost 3.1 per cent to Dh6.30.

First Gulf Bank, the Abu Dhabi's second-largest lender by market value, grew 3.3 per cent to Dh27.65. The bank's net income jumped 70 per cent to Dh808 million as loan demand increased.

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