News Column

Dubai index falls for third straight day

February 2, 2014

Naushad K Cherrayil Staff Reporter

Dubai : Dubai's benchmark stock index fell for the third straight day on Sunday, pulled down by insurance, finance and investment shares. Analysts say the US Federal Reserve's decision to trim its monthly bond buying programme is having a mild impact on the downtrend. Among the gainers, Agility rose 13.37 per cent to Dh9.50, followed by National Industries Group by 12.86 per cent to Dh4.74 and Depa by 3.08 per cent to Dh0.670. Arabtec Holding rose 2.80 per cent after the contractor won a Dh22.44 billion contract from Aabar Properties to design and construct 37 towers in Abu Dhabi and Dubai . The Dubai -based contractor won a Dh5.7 billion contract last month to build an amusement park in Jordan . Al Salam Sudan fell by 6.42 per cent to Dh3.35, followed by Al Salam Bank-Bahrain by 4.46 per cent to Dh1.50 and Al Salam Group by 3.80 per cent to Dh1.52. Of the 31 companies traded, seven rose, 21 fell and three remained steady. About 593.34 million shares worth Dh1.11 billion were traded. Gulf Finance House was the active volume leader while Arabtec was the active value leader. In Abu Dhabi , the index - ADX - strengthened up by 0.42 per cent to 4,692.88 points, led by banks and services shares. Among the gainers, Ras Al Khaimah Cement Company rose by 14.58 per cent to Dh1.65, followed by Gulf Medical Projects Company by 8.33 per cent to Dh2.60 and Union Cement by 5.81 per cent to Dh1.64. Union Insurance Company suffered the worst by falling 10 per cent to Dh0.90, followed by Julphar by 9.30 per cent to Dh3.22 and Abu Dhabi Ship Building by 8.55 per cent to Dh4.60. Of the 36 companies traded, 15 rose, 18 declined and three closed unchanged. About 396.99 million shares worth Dh1.02 billion were traded. Aldar was the active value leader while Ras Al Khaimah Cement Company was the active volume leader.

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Source: Gulf News (United Arab Emirates)

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