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MENAFN - Khaleej Times - 09/10/2007

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(MENAFN - Khaleej Times) DUBAI —The UAE's two leading stock markets, the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM) fell yesterday, by 0.6 per cent and 0.9 per cent respectively, on a day in which trade volumes were low and only a few stocks made advances.

The ADSM index dropped to 3.694.26 with the industrial sector taking the lead, losing nearly 1.2 per cent. Oman and Emirates Investment Co, which two days earlier jumped 10 per cent to Dh23 per share, saw a day when nearly all gains were wiped out plummeting 8.7 per cent to Dh21 a share. The shares of Abu Dhabi Ship Building Co fell 3.5 per cent to Dh3.31. Abu Dhabi Aviation Co also lost 1.71 per cent to touch Dh2.30. The biggest gainer of the day was Umm Al Quwain Cement Industries Co which moved up 8.3 per cent to Dh3.13.

At the close of day the DFM index stood at 4,434.08. The value of shares traded was Dh1.5 billion compared with Dh2.73 billion the previous day. Air Arabia, the Sharjah-based carrier, saw some of the day's busiest trading, its shares falling 1.93 per cent to Dh1.52. Emaar Properties, the region's largest listed property developer by market value, slid 0.9 per cent to Dh11.20. However, this month has seen its shares make an overall gain of 5.2 per cent after falling sharply earlier in the year.

Shares in Amlak Finance, the Islamic home finance company and the region's second largest mortgage financier, retreated 1.7 per cent to Dh3.35. The Commercial bank of Dubai saw 2.3 per cent shaved off the value of its shares to close at Dh8.5. Trading in Emirates Bank International (EBI) and National Bank of Dubai (NBD) shares were suspended in order to undertake the final stage of the merger process. Trading of shares in the merged company, Emirates NBD will commence on October 16.


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