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UAE markets end the week in red

DUBAI — Both Dubai and Abu Dhabi bourses continued to be in the red yesterday, the second consecutive day of loss as they closed the week's markets.

Dubai Financial Market (DFM) General Index dropped by 0.27 per cent to 3,812.10 points, with traded value of only Dh684.2 million, while Abu Dhabi Securities Market (ADSM) Index declined by 0.46 per cent to 3,066.60 points and having a total traded value of Dh170.4 million.

Union Properties (UPP) was the biggest loser with a 5 per cent drop to Dh2.45 on the DFM, followed by Arab Insurance Group (ARIG) that declined by 4.91 per cent to Dh2.71, and DFM (Dubai Financial Market) Company with a 4.21 per cent loss to Dh2.47. National Central Cooling Company (Tabreed) gained by 3.36 per cent to Dh2.15, a far cry from its loss of 4.14 per cent to Dh2.1 on Wednesday. Islamic Arab Insurance Company (IAIC) also gained by 2.19 per cent at Dh2.78 while Aramex advanced 1.1 per cent at Dh1.89.

Only two indices gained on the ADSM benchmark, namely, health care with a 1.6 per cent climb to 1,167.70 points and consumer with a 0.2 increase to 1,101 points. Despite the ADSM being in the red, Drive managed to post a 9.7 per cent rise to Dh1.81 while Fujairah Building Industries (FBICO) gained by 9.4 per cent at Dh1.63. The big losers were Gulf Cement Company (GCEM) with a 3.55 per cent drop to Dh5.96 and Union Cement Company (UCC) with a 3.1 per cent fall to Dh4.57. On Wednesday, GCEM gained 7 per cent at Dh6.88.