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Emaar lifts Dubai, Abu Dhabi falls

It was a mixed day for the UAE markets on Tuesday as Dubai ended up marginally and Abu Dhabi closed lower for the fifth straight session.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 23:32 October 28, 2008
  • Gulf News

Dubai: It was a mixed day for the UAE markets on Tuesday as Dubai ended up marginally and Abu Dhabi closed lower for the fifth straight session.

The Dubai Financial Market General Index edged up 0.32 per cent to close at 2,932.06. Of the 28 stocks traded, the gainers and decliners were equally split with 13 each, and two remained flat.

The Abu Dhabi Securities Exchange Index fell 1.31 per cent to 3,278.13, with eight stocks advancing and 29 declining.

The volumes continued to be thin in both the markets. The DFM had volumes worth Dh828.97 million, whereas ADX had total turnover was Dh382.79 million, up 6 per cent from the day earlier.

The Dubai benchmark was lifted by Emaar Properties which was the day's most liquid stock, trading shares worth Dh343 million, and advanced 3.53 per cent to Dh5.28. Arabtec, the leading construction company in the country, declined 3.02 per cent to end at Dh5.78.

The other gainers were Takaful Emarat, up 8.57 per cent to Dh2.28, Dubai Financial Market company, climbing 0.44 per cent and Ajman Bank, increasing 5.56 per cent.

Abu Dhabi index was brought down by declines in energy, construction, real estate and banking stocks. The construction and energy indices slid 5.13 per cent and 3.03 per cent respectively.

Aldar Properties, the most liquid stock of the day with a turnover of shares worth Dh175.5 million, moved up 0.81 per cent to close at Dh4.95. However, Sorouh Real Estate fell 4.70 per cent to Dh3.85.

Aabar Investments and Dana Gas lost 7.77 per cent and 0.94 per cent to end at Dh2.73 and Dh1.05 respectively.

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