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Dubai and Abu Dhabi stock markets slip into red

Falling 5 per cent to Dh3.83, the Arabian Scandinavian Insurance trailed all other listed companies on the Dubai Financial Market (DFM) General Index. DFM's total traded shares were valued at Dh516.19 million.

The other big losers were Gulf General Investments, which declined 4.4 per cent to Dh7.60; property financier Tamweel, which slipped 1.7 per cent to Dh4.03; budget carrier AirArabia, which slumped 1.65 per cent to Dh1.19; and Islamic Arab Insurance, which decreased 1.6 per cent to Dh3.09.

Arab Insurance Group topped DFM with a rise of 5.64 per cent to Dh3.18, followed by National Cement Co. with a gain of 4 per cent to Dh10.70, and Shuaa Capital with an increase of 3 per cent to Dh5.01.

Arabtec Holding, an investor in the contracting sector whose net profit hit Dh113.5 million for the first-half of the year, and Emirates Bank International rose one per cent each to Dh5.65 and Dh9.33, respectively.

International Fish Farming, Ras Al Khaimah Poultry and Feeding Co. and Abu Dhabi National Takaful Co. were the biggest losers at the Abu Dhabi Securities Market (ADSM) Index with a fall of almost 10 per cent each to Dh5.36, Dh3.53 and Dh4.90, respectively.

Al Buhaira National Insurance Co. dropped 9.4 per cent to Dh7.25, Union Insurance Co. declined 8.2 per cent to Dh2.02, and Ras Al Khaimah Ceramic Co. slipped 7.22 per cent to Dh4.50.

The biggest gainer was Umm Al Qaiwain Cement Industries Co., whose shares rose 10 per cent to Dh2.25, followed by National Marine Dredging Co. with an increase of 1.41 per cent to Dh4.32.