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DFM gains for second day in a row

AirArabia continued to pace the Dubai Financial Market (DFM) General Index, which advanced 2.59, or 0.06 per cent, to close at 4,299.58 points. The Abu Dhabi bourse dropped 12.95, or 0.37 per cent, to 3,492.43. The DFM was topped by Oman Insurance Co., which rose 5 per cent to Dh7.70, followed by Arabtec Holding with an increase of 1.52 per cent to Dh6.01.

The only publicly traded stock exchange in the region, DFM Co., was also a big gainer with a rise of 1.33 per cent to Dh3.04. Tamweel, a property financier, climbed 0.5 per cent to Dh4.14 while the region's award-winning pioneer in district cooling, Tabreed, advanced 0.8 per cent to Dh2.58.

Al Mazaya Holding Co., a Kuwait-based property developer and manager, led the losers with a fall of 6.1 per cent to Dh7.40. Dubai Islamic Insurance dropped 2.13 per cent to Dh25.20, Gulf General Investments slipped 1.23 per cent to Dh8, Gulf Navigation Holding decreased 0.74 per cent to Dh1.33, and Union Properties slumped 0.6 per cent to Dh3.28.

Except for the insurance index, which gained 1.02 per cent to 2,939.91, all other sub-indices on the Abu Dhabi Securities Market (ADSM) Index had dropped. Gulf Medical Projects, which manages hospitals and establishes medical projects, dropped 10 per cent to Dh4.