Dubai stock continues small drop; ADSM gains

The main index in Dubai added 6.48 points into its losses yesterday, dropping 0.1 per cent to close at 5,744.62 while shares in Abu Dhabi ended up 0.5 per cent at 4,543.14 points.

The transportation sector dropped one per cent at 929.89 on the Dubai Financial Market (DFM) General Index while the telecommunications sector gained one per cent to 982.20 points. The materials and common staples sectors were flat.

With 9,539 shares changing hands, DFM registered a value of Dh2.25 billion for its volume of shares that reached 402 million. The main index saw 14 listed companies declining, 10 advancing and two that remained unchanged.

Bahrain-based Gulf Finance House, a regional Islamic investment and commercial banking institution, led the losers with a drop of 6.1 per cent from Dh11.50 to Dh10.80 followed by Commercial Bank of Dubai, which slid two per cent from Dh10.20 to Dh10.

The other big losers were Aramex, a global provider of transportation and logistics solutions, which slumped 1.6 per cent to Dh3.09; Gulf General Investments Co, which slipped 1.4 per cent to Dh8.90; and Dubai Investments, a consortium of at least 44 companies, which dropped 1.3 per cent to Dh5.47.

Aerated Concrete Industries, a leading producer of aerated concrete, non-concrete and construction requirements, topped DFM with a jump of 15 per cent from Dh6.50 to Dh7.47 followed by property financier, Tamweel, which gained 8.2 per cent to Dh7.49.

The health care sector led eight other sub-indices on the Abu Dhabi Securities Market (ADSM) Index with a rise of 4.3 per cent at 1,554.61 points followed by the real estate sector, which gained 3.7 per cent at 1,459.51. The telecommunications sector dropped 0.9 per cent at 3,297.66 points.

United Insurance Co led the gainers with a jump of 10 per cent to Dh5.50 while Umm Al Quwain Cement Industries Co had the biggest fall of 6.3 per cent to Dh3. Source