Business | Markets

UAE indices continue downward trend

Energy sector loses 2.64% while banking gains marginally as real estate creates a mixed picture in Abu Dhabi.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:08 June 20, 2008
  • Gulf News

Dubai: UAE markets closed lower, with the Dubai benchmark falling 1.21 per cent and Abu Dhabi 1.81 per cent over the week.

Abu Dhabi Securities Exchange Index lost 0.14 per cent yesterday to close at 5,056.20, 61 points lower than last week's close.

Abu Dhabi National Energy, the state-controlled energy investment company, declined 5.28 per cent yesterday to Dh3.20, after it had tumbled 9.79 per cent on Wednesday.

The energy sector continued its downhill movement, losing 2.64 per cent. While Aabar Investments slid 1.05 per cent, Dana Gas was unchanged at Dh2.04. Though First Gulf Bank fell 0.38 per cent to Dh26.25, the banking sector was up 0.19 per cent, aided largely by National Bank of Abu Dhabi and Abu Dhabi Commercial Bank edging up 0.47 per cent and 0.58 per cent respectively.

In terms of turnover value, Methaq Takaful Insurance led, with a total value of Dh1.29 billion, and was up 1.67 per cent to close at Dh5.48.

Real estate threw in a mixed picture, with Aldar Properties pushing up 1.53 per cent to Dh13.25 and Sorouh Real Estate losing 0.21 per cent to Dh9.69.

Dubai

After Wednesday's partial recovery of 0.66 per cent, the Dubai Financial Market General Index fell 0.69 per cent yesterday to 5,558.25, more than 100 points lower than last Thursday's close.

Almost all the major sectors, including banking, finance and investment, real estate and telecom lost.

Emaar Properties, which had the highest turnover value of Dh225.36 million trading 20.22 million shares, fell 1.77 per cent to Dh11.10.

Dubai Islamic Bank continued to be in negative territory, losing 0.37 per cent to end the day at Dh8.15.

Dubai Financial Market also lost, going down 1.82 per cent to Dh5.40.

Among the four gainers were Dubai Islamic Insurance and Reinsurance Company and Arabtec Holding which gained 7.25 per cent and 2.49 per cent respectively.

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