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UAE markets remain steady despite US subprime fallout

DUBAI — Dubai's main index yesterday dropped 5.93, or 0.14 per cent, to close at 4,279.90 points while the Abu Dhabi bourse, buoyed by increased trading in the insurance sector, gained 15.9, or 0.46 per cent, to 3,506.79.

The award-winning district cooling pioneer in the Middle East, Tabreed, lost 1.56 per cent to Dh2.52, ending at the bottom-rung of the Dubai Financial Market (DFM) General Index, while Tamweel, a property financier, dropped 1.43 per cent to Dh4.11.

The other big losers were Union Properties, one of Dubai's leading real estate investment and services companies, which declined 1.2 per cent to Dh3.28; Islamic Arab Insurance, which slumped 0.92 per cent to Dh3.20; and Dubai Investments, which recently announced its major regional expansion projects including glass manufacturing, with a decrease of 0.86 per cent to Dh4.61.

DFM was led by Commercial Bank of Dubai, which rose 3.7 per cent to Dh8.40, followed by Gulf General Investments with a climb of 3.1 per cent to Dh8.30, and Arab Insurance Group with an increase of 2.6 per cent to Dh3.18.

The country's second telecom operator, du, gained 1 per cent to Dh4.97 while Gulf Navigation Holding, the leading shipping and marine services company in the region, rose 0.8 per cent to Dh1.30.

Al Wathba Insurance Co. topped the Abu Dhabi Securities Market (ADSM) Index with a jump of 10 per cent to Dh5.11, followed by Emirates Insurance Co. with a rise of 8 per cent to Dh10, and Oasis International Leasing Co., which focuses on high value assets, with an increase of 6 per cent to Dh1.70. National Marine Dredging Co., which executes dredging contracts and related reclamation work, was ADSM's biggest loser with a drop of 5.1 per cent to Dh4.51. Union Insurance Co. slumped 4 per cent to Dh2.20 while International Fish Farming slipped 3.42 per cent to Dh4.23, and Abu Dhabi National Co. for B and M decreased 1.3 per cent to Dh3.90.