UAE markets drop after strong gains on Sunday

Pulled down mainly by the utilities sector, Dubai's main index dropped 62.29 points or 1.3 per cent to close at 4,835.79 while shares in Abu Dhabi fell 2.44 per cent to 4,108.32.

The utilities sector slumped 201.92 points or 3.54 per cent to 5,502.40 while the telecommunications and transportation sectors slipped three per cent each to 800.97 and 819.67 respectively. The banks sector was the only gainer at 0.14 per cent, although the materials and common staples sectors were flat.

Aramex, a global total transportation services company, was the biggest loser on the Dubai Financial Market (DFM) General Index with a fall of 6.14 per cent to Dh2.90.

Dubai Islamic Insurance declined 4.1 per cent to Dh26.85 while the region's only publicly traded stock exchange, DFM Co, slid four per cent to Dh4.09 and the world's largest district cooling company Tabreed decreased 3.53 per cent to Dh3.27.

Doha-based Salam International, one of Qatar's largest conglomerates, led the gainers with a jump of 15 per cent to close at Dh13.70 following an opening price of Dh11.95.

Beverage company Dubai Refreshments gained five per cent to Dh15.95, Shuaa Capital advanced four per cent to Dh6.85 and Emirates NBD Bank increased three per cent to Dh16.