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DFM retreats 1.1pc

DUBAI - The Dubai benchmark stock index yesterday retreated after Wednesday's rally of 2.6 per cent while shares in Abu Dhabi gained for a second day this week on speculation that stocks have reached attractive levels.

The Dubai Financial Market (DFM) General Index fell 1.1 per cent, or 56.52 points, to close at 5,017.56, with Tamweel and Amlak Finance among the top losers. The Abu Dhabi Securities Market (ADX) General Index added 1.6 per cent, or 71.32 points, at 4,534.53.

Tamweel, the country's largest mortgage lender, plunged 5.7 per cent to Dh6.11 as its former chief executive officer is being investigated for alleged embezzlement.

Deyaar Development and Dubai Islamic Bank (DIB) also have former employees under investigation by the Dubai authorities. Dubai's third-largest real-estate company by market value, Deyaar slumped 3.5 per cent to Dh1.95 while DIB, the sheikdom's biggest Shariah-compliant lender, slipped 1.1 per cent to Dh7.52.

Amlak, the country's second-largest mortgage lender, declined 4.8 per cent to Dh3.99 while Ajman Bank, which debuted on DFM in June, lost 4.5 per cent to Dh2.97 as it reported an 18-month profit of Dh17.9 million, without giving comparative figures. The Islamic bank raised Dh550 million in an initial public offering in February.

About 227.2 million shares valued at Dh889.6 million traded on DFM, with 22 companies declining, four advancing and three that remained unchanged. Shares value on ADX reached Dh1.15 billion.

Aldar Properties, Abu Dhabi's largest real-estate developer by market value, paced ADX with shares value of Dh433.2 million. The company rose 3.7 per cent to Dh10.20 while Dana Gas, a UAE natural-gas producer and distributor, climbed 1.8 per cent to Dh1.71 as second-quarter profit rose 17 per cent to Dh34 million from Dh29 million a year ago on higher oil and gas prices.

jose@khaleejtimes.com