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DFM slides 54 points

While its shares fell 2.45 per cent to Dh1.19, Sharjah-based AirArabia, which has been awarded the best low-cost carrier in the Middle East by Skytrax Research, continued to pace the Dubai Financial Market (DFM) General Index. Its total traded shares reached 80.89 million.

The utilities and banks sectors were the biggest losers on Dubai's main index, which posted no sub-sector gainer. The materials and common staples sectors remained flat.

Dubai National Insurance, which declined 4.8 per cent to Dh3.17, was DFM's biggest loser. Dubai Islamic Bank decreased 3.2 per cent to Dh9.05, Commercial Bank of Dubai slipped 2.94 per cent to Dh8.25, and Shuaa Capital, the region's leading investment banking institution, slumped 1.98 per cent to Dh4.95.

There were only two gainers — Aramex, a company that offers total transportation and logistics solutions, which increased 0.8 per cent to Dh2.49, and Emirates Bank International, which rose 0.32 per cent to Dh9.25. The industrial and energy sectors registered big losses on the Abu Dhabi Securities Market (ADSM) Index. The insurance sector rose 31.37 points, or 1.1 per cent, to close at 2,919.85.

ADSM's Oman & Emirates Investment Holding Co., which was created to initiate, promote and invest in projects in Oman and the UAE, plunged 9.6 per cent to Dh17.90 while Abu Dhabi National Takaful Co. tumbled 9.21 per cent to Dh4.24. Al Wathba Insurance Co. topped ADSM with a jump of 7.84 per cent to Dh4.40, followed by Emirates Insurance Co. with a rise of 7.76 per cent to Dh11.80, and Union Cement Co. with an increase of 4.9 per cent to Dh4.92.