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Banks lead fall in Dubai index

Dubai shares retreated 0.40 per cent yesterday, led by Emirates NBD and Shuaa Capital, to close at 5,432.43. The market lost 125.82 points or 2.26 per cent for the week.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:07 June 27, 2008
  • Gulf News

Dubai: Dubai shares retreated 0.40 per cent yesterday, led by Emirates NBD and Shuaa Capital, to close at 5,432.43. The market lost 125.82 points or 2.26 per cent for the week.

Emirates NBD declined 1.27 per cent to Dh11.70. Shuaa Capital shares tumbled 7.65 per cent and ended the day at Dh7.65.

The banking and financial/investment sectors lost 0.41 per cent and 0.67 per cent respectively.

Ajman Bank continued to decline, ending the week 43 per cent down to Dh2.50. It made its market debut last Sunday, soaring 296 per cent on the day. It continued to be the most active company in terms of trading value for the week, totalling Dh2.09 billion, which was 19.72 per cent of the market.

Emaar Properties, the second-most active stock in terms of traded value, remained unchanged for the third straight session, closing at Dh10.95.

In Abu Dhabi, the index remained more or less flat, down 0.06 per cent to close at 4,957.21, dragged down by energy and real estate sector shares.

Energy and real estate shares continued to post losses, down 1.45 per cent and 0.71 per cent. Sorouh Real Estate and Aldar Properties slipped 0.40 per cent and 0.75 per cent. Dana Gas lost 1.54 per cent and Abu Dhabi National Energy declined 1.38 per cent.

Methaq Takaful Insurance continued to reign as the top traded company, with a total turnover of Dh289.66. It closed down 1.11 per cent to Dh6.23. It gained 13.6 per cent this week.

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