UAE stock markets dive further

Published January 17th, 2006 - 02:32 GMT

The markets further tumbled by more than one per cent with both markets continuing to reflect in the negative territory.


The Dubai Financial Market ended low by 1.32 per cent at 1,060.84, down by 14.22 points.


The Abu Dhabi Securities Market too dipped by 1.16 per cent and closed at 5,152, weak by 60.27 points.


The National Bank of Dubai will list its recently launched US $750m Floating Rate Note on the Dubai International Financial Exchange (DIFX) on January 18th, 2006, opening a new phase in the exchange's development.


All sectors on the DFM ended in a subdued pattern. The worst hit sector was the Investment sector which lost 3.33 per cent and the Service sector followed suit low by 2.12 per cent. The Banking and the Insurance sectors lost 0.05 per cent and 0.59 per cent.


Losers moved past the gainers on the ADSM with the Hotel and Insurance sectors booking gains of 1.34 per cent and 0.07 per cent. The Banking, Industrial and Service sectors fell by 1.29 per cent, 0.96 per cent and 1.27 per cent.


The top advancers on the DFM were Commercial Bank of Dubai which grew by 3.66 per cent, International Financial Advisors rose by 3.63 per cent, Mashreqbank added 3.33 per cent, Dubai Islamic Insurance and Reinsurance Company higher by 2.30 per cent and Arab Insurance Group up by 1.88 per cent.


The decliners on the DFM were National Cement Company which slumped by 6.67 per cent, Dubai Investments slipped by 3.06 per cent, Islamic Arab Insurance Company lost 2.73 per cent, Emaar Properties dipped by 2.24 per cent and Arab International Logistics Company low by 2.11 per cent.


The top performers on the ADSM were Finance House which earned solid 7.22 per cent, Umm Al Qaiwain Cement Industries Company rose by 2.97 per cent, Emirates Driving Company added 2.67 per cent, Al Buhairah National Insurance Company high by 2.22 per cent and United Arab Bank up by 1.77 per cent.


The losers on the ADSM were Qatar Telecom which was weak by 9.80 per cent, Sharjah Cement Industrial Development Company low by 3.82 per cent, National Bank of Abu Dhabi lost 3.37 per cent, Oasis International Leasing Company shed 3.10 per cent and InvestBank slid by 2.55 per cent.

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