Ajman Bank and etisalat lead losers in UAE stocks

Dubai: UAE shares continued where they left off last week, starting the week on a losing note.

Led by major names in energy, real estate and banking, Abu Dhabi Securities Exchange Index declined 1.07 per cent to close at 4,904.36.

The Dubai Financial Market General Index edged down 0.49 per cent to 5,406.02 led by declines in real estate and finance and investment companies.

For the year, the Abu Dhabi market is still up 7.75 per cent. Dubai is down 8.87 per cent this year.

Volumes traded on the Dubai bourse were low, hovering just above 180 million shares worth Dh666.80 million.

Emaar had the highest turnover valued at Dh113.62 million, but fell 0.91 per cent to Dh10.85. Deyaar slipped 1.93 per cent to Dh2.03.

Ajman Bank continued its slide for the fifth straight session, losing four per cent to end at Dh2.40. Dubai Islamic Bank's ended down 1.60 per cent to Dh8.02. Emirates NBD's 2.56 per cent rise to Dh12 pushed up the banking sector 0.45 per cent.

In Abu Dhabi, etisalat fell 1.52 per cent to Dh19.50, the biggest decline since June 15. Energy and real estate sectors retreated 3.40 per cent and 1.22 per cent respectively.

Dana Gas fell 2.60 per cent to Dh1.87 and Abu Dhabi National Energy or Taqa, lost 4.55 per cent to close at Dh2.73.

Sorouh and Aldar slid 1.30 per cent and 1.20 per cent to end at Dh9.11 and Dh12.40 respectively.

The banking sector ended 0.93 per cent down.