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Dubai shares retreat, ADX extends gains
DUBAI - Shares in Dubai yesterday retreated 0.4 per cent to close at 5,437.54 following a three-per cent rally Wednesday on the back of good second-quarter earnings while the Abu Dhabi benchmark stock index gained 0.4 per cent at 5,005.70 points.
Kuwait's Public Warehousing Co, which provides global warehousing and logistics services, trailed the Dubai Financial Market (DFM) General Index with a fall of 14.9 per cent to Dh16.95 and Dubai Islamic Insurance dropped 2.6 per cent to Dh3.38.
Emirates Integrated Telecommunications Co declined 1.2 per cent to Dh5.64 as second-quarter loss narrowed and revenue tripled on new subscribers. Net loss in the UAE's mobile-phone company known as du declined to Dh43.8 million, or Dh0.01 a share, and sales rose to Dh907.8 million as active subscribers increased 32 per cent from 1.85 million in the previous quarter.
Arabtec Holding, the builder of the world's tallest tower Burj Dubai, gained over one per cent to Dh19.65. The company said in a statement it won a Dh638-million ($174 million) contract from Cayan Investment & Development.
Shares value on DFM reached Dh1.4 billion with 8,182 trades while the 166.8 million shares traded on ADX were valued at over Dh1 billion. A total of 29 companies traded in Dubai and 47 in Abu Dhabi.
National Bank of Abu Dhabi, the country's second-biggest bank by assets, advanced 1.2 per cent to Dh21.20 as quarterly profit jumped 72 per cent due to higher loan demand in the UAE. The bank said net income in the three months to June 30 was Dh1 billion compared to Dh584 million a year ago.
National Marine Dredging Co, a UAE firm that deepens waterways, climbed 2.3 per cent to Dh11.75 in the Abu Dhabi trading as second-quarter net income surged 57 per cent on higher sales.
RAK Properties slumped over two per cent to Dh1.92 as quarterly profit dropped on higher operating expenses. The UAE real-estate developer reported a net income of Dh110.7 million between April and June, a 36-per cent slide from a year ago.
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