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DFM index retreats on profit-taking

DUBAI — Dubai Financial Market index retreated marginally yesterday as some of the leading shares such as Emaar, Amlak, du and Dubai Islamic bank slipped on profit-taking by investors.

The DFM index closed 0.33 per cent down at 415.9 as Abu Dhabi index gained 0.38 per cent up at 3,472.5. The national benchmark, NBAD General Index closed 27 points up at 11,261.4.

The trading volumes were substantially down at 36.5 million shares as the market turnover slipped by more than 70 per cent to Dh258 million. In just over 2000 deals DFM traded 25 million shares worth Dh196 million. Emaar share closed 10 fils down at Dh11.70 as the counter traded a modest volume of 10.9 million shares. While Amlak and du were down more than one per cent each, Tamweel closed one per cent down at Dh2.98.

The banking sector traded a small volume of 1.14 for million shares across three counters with Dubai Islamic Bank accounting for more than 95 per cent of the turnover in the sector. While DIB closed 8 fils down at Dh9.85, Commercial Bank of Dubai and Emirates Bank gained 1 per cent each to close at Dh7.96 and Dh14, respectively.

On Abu Dhabi bourse, the cement sector rally lost steam yesterday as most cement shares slipped marginally with the lone exception of Gulf Cement which closed one per cent up at Dh4.62. In the banking sector, National Bank of Abu Dhabi and ADCB gained 1.3 per cent and one per cent, respectively.