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UAE stock markets end three-day gain

DUBAI — Shares in the main indices of Dubai and Abu Dhabi yesterday dropped 0.43 per cent to 4,486.68 and 0.28 per cent to 3,632.68, respectively, ending a three-day upbeat run.

Save for the materials and common staples sub-indices, which remained flat, all other sub-indices on the Dubai Financial Market (DFM) General Index dropped between 0.11 per cent to 2,650.64 (banks) and 0.86 per cent to 708.18 (transportation).

International Financial Advisers, a Kuwaiti shareholding company, fell 2.43 per cent to Dh10, followed by Gulf Navigation (GULFNAV), the leading shipping and marine services company in the Middle East, which dropped 2.17 per cent to Dh1.35.

The other big losers were Arab Insurance Group, which decreased 1.58 per cent to Dh3.10; Dubai Islamic Insurance, which slumped 1.47 per cent to Dh26.75; and DFM Co., the only publicly traded stock exange in the region, which lost 1.21 per cent to Dh3.24.

Global Investment House, considered to be the largest pure-play investment-banking firm in Kuwait, topped DFM with a rise of 5.55 per cent to Dh11.40. Shuaa Capital, the region's leading investment banking institution, gained 0.38 per cent to Dh5.19 while Dubai Islamic Bank advanced 0.1 per cent to Dh9.99.

National Bank of Ras Al Khaimah was the biggest loser on the Abu Dhabi Securities Market (ADSM) Index with a fall of 8.7 per cent to Dh6.30. Abu Dhabi National Hotels Co., a leading hospitality group in the UAE, dropped 2.69 per cent to Dh5.43 while Finance House Co., one of the Gulf region's leading Shariah-compliant investment banks, lost 2.35 per cent to Dh7.91.

Dana Gas, whose shareholders yesterday approved the issuance of convertible sukuk (Islamic bonds) for $1 billion, dropped 1.75 per cent to Dh1.68.

Fujairah Building Industries Co., a manufacturer of concrete blocks, topped ADSM with a jump of 8.1 per cent to Dh1.87, followed by Abu Dhabi National Takaful Co. with a rise of 4.74 per cent to Dh5.52.