Real estate and bank shares drag Dubai index down

Real estate and bank shares dragged the Dubai index down for the third straight day on Tuesday. The bellwether Emaar fell by 3.80 per cent while Emirates NBD by 3.97 per cent and Dubai Islamic Bank by 2.04 per cent.

The DFM index closed 1.47 per cent at 3377.67 points on profit-taking. Despite the fall, the index is still up by 0.23 per cent for the year. Among the gainers, Al Salam Bank – Bahrain rose 14.71 per cent to Dh1.56, followed by National Industries Group by 13.53 per cent to Dh4.70 and Al Salam Group by 6.15 per cent to Dh1.90. Mazaya suffered the worst by 9.85 per cent to Dh1.19, followed by Agility by 6.86 per cent to Dh8.55 and International Financial Advisors by 6.77 per cent to Dh1.24.

Gulf Navigation shares lost 5.85 per cent, its lowest in more than two weeks, on news of plans to sells a $130 million convertible bond. Of the 33 companies traded, 13 rose, 16 fell and four remained steady. About 643.14 million shares worth Dh1.09 billion were traded. Gulf Finance House was the active volume leader while Emaar was the active value leader on Dubai bourse.

In Abu Dhabi , bank, investment and financial shares dragged the index down for the first time in seven days to close at 4394.57 points, down by 1.38 per cent. The ADX index is up by 2.43 per cent for the year. Among the gainers, Fujairah Building Industries rose for the second day by 14.38 per cent to Dh1.75, followed by Al Khazna Insurance by 7.32 per cent to Dh0.88 and Sudatel by 7.09 per cent to Dh1.51. Union Insurance Company suffered the worst by 9.52 per cent to Dh0.95, followed by Abu Dhabi Ship Building by 6.05 per cent to Dh2.64 and Methaq by 4.76 per cent to Dh2. Of the 35 companies traded, 11 rose, 18 declined and six closed unchanged. About 385.63 million shares worth Dh857.99 million were traded. Esharaq was the active value and volume leader.

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