UAE markets retreat as investors book profits

Dubai

The DFM benchmark index fell marginally yesterday as investors booked profits of stocks which had witnessed recent gains. The Dubai Islamic Bank declined 4.28 per cent to end at Dh2.46 after the lender announced on Sunday its net profit was up 17 per cent, which beat analysts’ estimates. The share price of the bank had risen considerably in the last two weeks.

The DFM General Index eased 0.39 per cent to 1967.96, with volume going up to 322.26 million shares from Sunday’s 213.65 million. The turnover saw a jump too, rising from Dh253.63 million to Dh368.01 million. Of the 26 companies traded, 18 declined, four advanced and four remained flat.Emaar Properties traded lower, declining 1.31 per cent to Dh5.26.

Abu Dhabi

The Abu Dhabi’s five day positive run came to an end yesterday after the benchmark index fell 0.93 per cent to end at 3104.98.

The retreat was seen mainly in the consumer staples, industrial and banking sectors. First Gulf Bank, National Bank of Fujairah were among the banks which witnessed major declines. FGB fell 3.29 per cent to Dh14.70 and NBF 7.85 per cent to Dh2.70.

The overall volume fell slightly, from Sunday’s 80.11 million shares to 62.77 million. The value of traded stocks was Dh104.32 million. Of the 28 companies traded yesterday, 14 fell, nine gained and 14 remained unchanged. Agthia, a food and beverages company, Sorouh Real Estate, Abu Dhabi national Company for Building Materials (Bildco) and Sudan Telecommunications were among the other losers.