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UAE stock markets close weekly trading in the red

DUBAI — Dubai and Abu Dhabi bourses yesterday closed weekly trading in the red, with shares in the former falling 0.18 per cent to 4,507.07 points and in the latter dropping 0.16 per cent to 3,684.42 points.

Oman Insurance Co. was the biggest loser on the Dubai Financial Market (DFM) General Index. Having a value of Dh8,967 for its total traded shares, the company fell 4.92 per cent to Dh7.73. Shuaa Capital, the region's leading investment banking institution, was also a big loser, dropping 0.98 per cent to Dh5.05.

The other losers were Arabtec Holding, which slipped 0.81 per cent to Dh6.05; Tabreed, an award-winning provider of cooling plants, which slumped 0.7 per cent to Dh2.80; and Tamweel, a financier of properties that are ready to moved into as well as those under construction, which 0.66 per cent to Dh4.48.

Arab Insurance Group topped DFM with a gain of 4.26 per cent to Dh3.18, followed by Gulf Finance House with a rise of 4.16 per cent to Dh8.75, and Gulf Navigation Holding with an increase of 0.74 per cent to Dh1.36.

Commercial Bank of Dubai, which targets high networth individuals who can invest at least $100,000 for its new wealth management programme, and Global Investment House advanced 0.58 per cent to Dh8.55 and 0.45 per cent to Dh11, respectively.

Except for the telecommunication index, which increased 1.88 per cent to 2,693.55, all other indices on the Abu Dhabi Securities Market (ADSM) Index dropped 0.21 per cent to 2,985.99 (insurance) and 2.2 per cent to 908.91 (real estate).

ADSM's biggest loser was Al Ain Al Ahlia Insurance Co., which fell 4 per cent to Dh120, followed by Umm Al Qaiwain Cement Industries Co. with a drop of 3.93 per cent to Dh2.20. Emirates Telecommunication Corp., The UAE's biggest telecom company better known as Etisalat, gained 1.88 per cent to Dh18.95. The company announced a Dh3.73 billion profit for the first half-year.