Business | Markets

Weak sentiment prevails in UAE

A weak scenario prevailed on both UAE bourses, with Dubai recovering some ground yesterday after Monday's 1.2 per cent decline.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:04 May 28, 2008
  • Gulf News

Dubai: A weak scenario prevailed on both UAE bourses, with Dubai recovering some ground yesterday after Monday's 1.2 per cent decline.

While the Dubai Financial Market General Index climbed 0.2 per cent to close at 5,649.75, Abu Dhabi declined 0.02 per cent to 5,014.97.

In Dubai, of the 25 traded stocks, 11 advanced, seven declined and seven remained unchanged.

Banks, utilities and real estate stocks climbed to aid Dubai's recovery. Emirates NBD, the largest bank in the Gulf in terms of assets, advanced 2.1 per cent to Dh11.95, Tamweel edged up 1.4 per cent to Dh8 and Amlak was up 0.8 per cent to close at Dh4.90. Emaar, the biggest Arab real estate developer, remained unchanged at Dh11.30. However, Union Properties, after a decline a day before, turned around to post a gain of 0.4 per cent to Dh5.09.

Dubai Insurance Company and Arab Insurance Group figured in the top three list of gainers, up five per cent and 4.1 per cent respectively. Dubai Islamic Insurance and Reinsurance Company, however, declined 1.5 per cent to Dh36.55.

Telecom and real estate sectors were hit to bring down on the Abu Dhabi benchmark, although insignificantly. etisalat retreated 0.5 per cent to Dh20.90 and Sudatel also declined, going down 1.56 per cent to Dh6.31.

Real estate majors in the capital, Aldar Properties and Sorouh Real Estate Company suffered, going down 1.2 per cent and 1.5 per cent respectively. Aldar closed at Dh12.20.

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