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UAE markets slip into the red

DUBAI — Leading bourses in the UAE slipped into the red yesterday, with the Dubai Financial Market (DFM) General Index declining 1 per cent to 3,822.60 while the Abu Dhabi Securities Market (ADSM) Index was down 0.43 per cent to 3,080.92.

DFM's traded value reached more than Dh1 billion with a volume of some 313 million traded shares. Of the 21 companies that traded in the Dubai index, six had advanced, 14 declined, and one was flat.

Dubai Financial Market (DFM Company), the only publicly listed stock exchange in the Middle East, had the biggest loss of 8.5 per cent at Dh2.59. The other big losers were Amlak Finance (AMLAK) Company with a 5-per cent fall to Dh2.73, National Central Cooling Company (TABREED) with a 4.14-fall to Dh2.07 and Global Investment House with a 3.22-per cent drop to Dh9.

Gulf General Investments (GGICO) was the most gainer on the DFM index, with 3.4 per cent at Dh5.70. National Bank of Dubai (NBD) climbed 2.74 per cent at Dh8.80 and Al Mazaya Holding Company (MAZAYA) increased by 3 per cent at Dh6.66. Al Mazaya announced that its profit grew by 262 per cent from Dh178 million in 2005 to Dh302 million last year.

Except for the construction, consumer and industrial sectors in the listing, all other indices on the ADSM benchmark fell by between 0.03 per cent (insurance) to 3 per cent (real estate). The construction index advanced 4 per cent to 3,685.24 points; consumer, 1.2 per cent to 1,098.82; and industrial, 0.4 per cent to 1,777.01.

The big gainers on the ADSM benchmark were Fujairah Cement Industries (FCI) Company with a 10-per cent rise to Dh4.33, Fujairah Building Industries (FBICO) with a 9.6-per cent climb to Dh1.49, Abu Dhabi National Hotels (ADNH) Company with an 8.5-per cent increase to Dh5, Union Cement Company (UCC) with an 8.1-per cent rise to Dh4.60 and Gulf Cement Company (GCEM) with a 6.2 per cent increase to Dh6.32.