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UAE stock markets in retreat

DUBAI — The decline in the global stock markets last week sparked a sell-off in the UAE markets.

The Dubai and Abu Dhabi bourses were also bearish in most of last week. Yesterday, the Dubai main index opened weekly trading without even a single gainer, plummeting 81.79, or 1.89 per cent, to close at 4,250.53 points.

Pulled down mainly by real estate and energy indices, shares in Abu Dhabi's general benchmark also slipped into the red, falling 1.32 per cent to 3,527.40.

Transportation and utilities indices fell four per cent to 654.40 and three per cent to 4,358.17, respectively, trailing all indices on the Dubai Financial Market (DFM) General Index, whose total traded shares were valued at Dh789.65 million. Aramex, a global transportation services company, and property financier Tamweel were the biggest losers with a fall of 4.88 per cent each to Dh2.53 and Dh4.09, respectively.

Global Investment House dropped 4.76 per cent to Dh10 while DFM Co., the only publicly traded stock exchange in the region, declined 4.53 per cent to Dh2.95, and Dubai Islamic Insurance slipped 3.64 per cent to Dh25.10.

Ras Al Khaimah Cement Company (RAKCC) and Qatar's exclusive telecommunications provider, Qatar Telecom (QTEL), were the biggest losers at the Abu Dhabi Securities Market (ADSM) Index. RAKCC fell 5.5 per cent to Dh2.24 while QTEL dropped 5.14 per cent to Dh240. The other big losers were Aldar Properties, Finance House and Sharjah Cement and Industrial Development Company.

Al Buhaira National Insurance Company led the gainers with a jump of 9.58 per cent to Dh7.89, followed by National Corporation for Tourism and Hotels, Emirates Driving Company and Union Insurance.