UAE stock indices edge down

DUBAI — Despite its gain for most of the past two weeks, the Dubai Islamic Bank edged down 7.2 per cent to Dh7 yesterday, prompting a decline in the Dubai Financial Market (DFM) General Index. The index fall 2.2 per cent to 3,785.48 points.

By A Staff Reporter

Published: Mon 16 Apr 2007, 8:41 AM

Last updated: Sat 4 Apr 2015, 9:07 PM

This brought to 8 per cent the two-day decline posted by the world's oldest Islamic bank whose investors were selling stock in the last 14 days while prices were high. In its five-day streak on April 5-9, Dubai Islamic gained 18 per cent.

Emaar Properties PJSC, the largest publicly traded property developer in the Gulf region, fell 1.8 per cent to Dh11.20. This is despite the fact that Emaar announced strong performance in the first quarter of 2007, with revenues growing 74 per cent over the first quarter of 2006. It also posted net profit of Dh1.721 billion ($0.469 billion), 13 per cent up on last year's first quarter. It also decided to convert its six new business segments — malls, education, healthcare, industry, finance, hospitality and leisure — and international entities into stand-alone profit centres.

du, the UAE's second telecom operator, fell 2.9 per cent to Dh4.94 while Shuaa Capital, the region's largest investment bank, slid 2.7 per cent to Dh4.26. Last week, Shuaa was granted a licence to provide financial services in the kingdom. Shares in Dubai Financial Market, the only publicly traded stock exchange in the region. Also closed down 2.1 per cent at Dh2.31. Twenty stocks declined. 16 advanced and four remain unchanged.

The Abu Dhabi Securities Market (ADSM) index fell for the first time in eight sessions, sliding 0.3 per cent to 3,028.35 points. The UAE energy company Dana Gas PJSC fell 1.4 per cent to Dh1.42, and informed the Abu Dhabi bourse that it won't be paying out any dividend for 2006.

More news from Business