Business | Markets

Realty and banking losses weigh on Dubai market

Emaar Properties and Dubai Islamic Bank (DIB) weighed on the Dubai Financial Market, which closed lower for the fourth consecutive day.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 21:38 June 15, 2008
  • Gulf News

Dubai: Emaar Properties and Dubai Islamic Bank (DIB) weighed on the Dubai Financial Market, which closed lower for the fourth consecutive day.

In Abu Dhabi, etisalat and Abu Dhabi Commercial Bank (ADCB) posted losses, dragging the index down for the second straight day.

The Dubai Financial Market General Index fell 0.47 per cent to close at 5,632.27. The Abu Dhabi Securities Exchange Index closed 0.16 per cent lower to 5,109.72.

The real estate and banking sectors declined 0.54 per cent and 1.14 per cent respectively in Dubai. Though Emaar was the second highest in terms of turnover value of Dh69.87 million, it share price fell 0.89 per cent to close at Dh11.10. Deyaar was unchanged at Dh2.24.

DIB and Emirates NBD lost 1.45 per cent and 2.08 per cent to close at Dh8.82 and Dh11.75 respectively.

Among the 26 gainers were Dubai Financial Market, Dubai Investments, Tabreed, Shuaa and Gulf Navigation.

The decline in Abu Dhabi was led by etisalat and ADCB, which fell 1.70 per cent and 2.10 per cent to Dh20.25 and Dh5.09.

The banking sector gained 0.19 per cent, led by First Gulf Bank which rose 1.89 per cent to Dh26.90. National Bank of Abu Dhabi, however, remained flat at Dh21.30.

The real estate sector rose 1.84 per cent, with both Aldar and Sorouh gaining 2.85 per cent and 0.80 per cent to Dh12.65 and Dh9.64 respectively.

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