UAE markets: DFM declines, ADX edges up

Dubai: The Dubai stock measure fell to a two month low as investors continued to intermittently book profits in what is being seen as a correcting market after a surge in the first quarter of the year.

The DFM General index dropped 0.85 per cent to end at 1829.24.

As we reach the end of the first quarter investors in the Dubai market continue to lock in gains after sharp rallies earlier this year in many listings,” said Bruce Powers, Dubai-based trader and financial consultant. “Weaker than expected FY2012 earnings for Gulf Navigation Holding disappointed investors putting further downward pressure.”

Emaar Properties and Air Arabia, dropped 1.73 per cent to Dh5.12 and 3.13 per cent to Dh0.775 respectively.

Gulf Navigation slumped 8.20 per cent to Dh0.224 after the company declared it 147.83 million net loss for 2012.

Abu Dhabi

Unlike Dubai, the capital city’s stock market index edged up 0.25 per cent to end at 3025.33.

While some of the major stocks remained unchanged, the list of gainers were led by the world’s largest ceramics manufacturer Ras Al Khaimah Ceramics, which surged 14.65 per cent after it announced 20 per cent cash dividend for its investors.

Other gainers in the top five were banks and financial companies. Waha Capital increased 1.39 per cent to Dh0.73, Abu Dhabi Islamic Bank 1.09 rose per cent to Dh3.70 and Union National Bank climbed 0.79 per cent to Dh3.83.

Among the stocks which remained flat were telecom operator etisalat at Dh9.75, real estate companies Aldar Properties at Dh1.36, Sorouh Real Estate at Dh1.65, Dana Gas at Dh0.45 and Ras Al Khaimah Properties at Dh0.46.