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MENAFN - Khaleej Times - 14/12/2007

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(MENAFN - Khaleej Times) Shares in the UAE markets continued their lacklustre performance at the last day of weekly trading yesterday, with the Dubai bourse further ending down 0.4 per cent at 5,751.05 points and Abu Dhabi's main index inching up 0.2 per cent at 4,520.42 points.

But the banking sector was the only loser on the Dubai Financial Market (DFM) General Index with a drop of 1.8 per cent at 3,330.42. DFM's volume of shares was valued at Dh1.7 billion as compared to Dh3.52 billion on Wednesday.

Deyaar Development, the construction arm of Dubai Islamic Bank, paced DFM with its volume of shares reaching 122.4 million and valued at Dh361 million. It added 0.3 per cent to Dh2.94.

The losers were led by Arabian Scandinavian Insurance and Emirates NBD Bank, which fell five per cent each from Dh2.21 to Dh2.10 and from Dh14.60 to Dh13.90 respectively.

The other big losers were Al Firdous Holding with a drop of 3.6 per cent to Dh2.71, Dubai Islamic Insurance with a slump of 2.1 per cent to Dh28.65 and Arabtec Holding with a slide of 0.6 per cent to Dh9.22.

Gulf Finance House, a regional Islamic investment and commercial banking firm, topped DFM with a rise of 6.5 per cent from Dh10.80 to Dh11.50 followed by Dubai Refreshments Co with an increase of five per cent to Dh15.75 and Gulf General Investments, which advanced 2.4 per cent to Dh9.03.

The insurance sector topped the Abu Dhabi Securities Market (ADSM) Index with a jump of 2.2 per cent at 3,142.33 points while the telecommunications sector declined 0.1 per cent at 3,326.09 points. ADSM has signed an agreement with Taiwan Stock Exchange paving the way for cross listing and share trading between the two exchanges by mid-2008.

Arkan Building Materials Co and Aldar Properties paced ADSM with volumes of shares reaching 74.2 million and 44.5 million respectively. The biggest gainer was Abu Dhabi National Insurance Co, which added 9.7 per cent to Dh8.90, followed by Finance House with a rise of 8.8 per cent to Dh8.02 and Oman & Emirates Investment Holding Co with an advance of 6.5 per cent to Dh31.95.


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