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DFM drops; banking, telecom leads

The Dubai Financial Market (DFM) General Index dropped 0.2 per cent to close at 5,885.24 while Abu Dhabi's main index rose 0.5 per cent at 4,820.15 points.

The banking sector slid 0.5 per cent close at 3,575.83 points. The biggest bank in the Gulf region, Emirates NBD, slumped for a second day at 1.4 per cent to Dh14.20 from Dh14.40 while Dubai Islamic Bank slipped 0.8 per cent to Dh11.80.

However, Commercial Bank of Dubai rose 4.8 per cent to Dh15.20 while Al Mazaya Holding Co topped DFM with a jump of 15 per cent to Dh12.65 from Dh11 and Deyaar Development gained 5.1 per cent to Dh2.67.

DFM, whose foreign investors bought Dh3.85 billion and sold Dh3.2 billion worth of shares last week, posted shares value yesterday amounting to Dh2.1 billion. There were 10,339 trades by 27 companies, 14 of which had declined, 10 had advanced and three were unchanged.

Emirates Integrated Telecommunications Co, also known as du, was also a big loser with a drop of 1.4 per cent to Dh6.37 while Islamic finance provider Amlak Finance declined 1.4 per cent to Dh4.86.

Sharjah-based Dana Gas, the Middle East's first private-sector natural gas company, was one of the big gainers on the Abu Dhabi Securities Market (ADSM) Index with a rise of 2.6 per cent to Dh2.41.

Dana Gas has signed a memorandum of understanding with Ikarus Petroleum Industries, a Kuwaiti company with petrochemical ventures in the Gulf, to cooperate on gas projects in the Middle East and North Africa.

Etisalat, or Emirates Telecommunications Corp, gained 1.2 per cent to Dh25.10 while Fujairah Cement Industries topped ADSM with a jump of 10 per cent to Dh6.27.