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Dubai stock market down, Abu Dhabi continues gain

DUBAI — Shares in Dubai retreated yesterday, dropping 24.88 points, or 0.57 per cent, to close at 4,322 points while the Abu Dhabi main index continued its second day of upbeat mood this week with a gain of 11.20, or 0.31 per cent, to 3,590.83.

Except for the materials and common staples indices, which remained flat at 342.06 and 664, respectively, all indices on the Dubai Financial Market (DFM) General Index dropped between 0.2 per cent to 812.30 (telecommunication) and 1.43 per cent to 681.28 (transportation).

The Kuwait-based leading diversified investment bank in the Middle East, Global Investment House, posted the biggest loss at 3.66 per cent to Dh10.50 while Gulf Navigation Holding, a regional leader in shipping and marine services, dropped 2.29 per cent to Dh1.28.

The other big losers were Dubai Islamic Insurance, which slipped 1.92 per cent to Dh25.50; DFM Co., the only publicly traded stock exchange in the region, which decreased 1.91 per cent to Dh3.07; and Arabtec Holding, an investor in the contracting sector, which slipped 1.67 per cent to Dh5.88.

With its value of total traded shares amounting to Dh405.57 million, DFM only had two gainers — the Sharjah-based budget airline, AirArabia, which rose 0.91 per cent to Dh1.10, and Shuaa Capital, the region's leading investment banking institution, which rose 0.6 per cent to Dh4.98.

Ras Al Khaimah Ceramics Co. led the Abu Dhabi Securities Market (ADSM) Index with a rise of 9.41 per cent to Dh5, followed by United Arab Bank with a climb of 7.1 per cent to Dh7.40, and Ras Al Khaimah Cement Co. with an increase of 6.57 per cent to Dh2.27.

The big losers were National Corp. for Tourism and Hotels, which fell 6.89 per cent to Dh4.19; Union Insurance Co., which dropped 4.89 per cent to Dh2.14; United National Bank, which slipped 3.82 per cent to Dh7.55; and Al Khazna Insurance Co., which slumped 3.68 per cent to Dh1.57.

Al Wathba Insurance Co., whose profit for the second-quarter of the year dropped to Dh11.158 million from Dh25.689 million for the same period in 2006, dropped 3.57 per cent to Dh4.05.