UAE stock indices fall marginally

Dubai’s benchmark index (DFM) fell by 0.02 per cent to 1451.87 on lacklustre trade. Among the gainers, GGICO rose 9.35 per cent to close at Dh0.339, followed by Shuaa by 6.77 per cent to Dh0.694 and Union Properties by 6.13 per cent to Dh0.398. Among the losers, Gulf Finance House fell 2.93 per cent to Dh0.464, followed by Aramex by 1.69 per cent to Dh1.74 and Hits Telecom by 1.19 per cent to Dh0.913. Of the 26 companies traded, 12 rose, 12 declined and two closed unchanged. About 65.68 million shares worth Dh70.31 million were traded Thursday. DFM index has surged 7.28 per cent so far this year and fell 1.33 per cent for the month. “Domestically, we are seeing companies’ ability either to restructure or raise funds as positive sign for the economy on the medium term,” said Tariq Qaqish, Dubai-based deputy head of asset management at Al Mal Capital. The Abu Dhabi Securities market (ADX) index fell 0.94 per cent to close at 2446.75 points. Telecommunication, real estate and industrial sectors dragged the index down. Of the 24 companies traded, eight rose, 12 declined and four closed unchanged. About 24.33 million shares worth Dh40.51 million were traded yesterday. Among the gainers, RAK Ceramics rose 6.14 per cent to Dh1.21, followed by Sudatel by four per cent to Dh4 and Waha by 1.85 per cent to Dh0.55. Among the losers, Qtel lost 7.49 per cent to Dh110, followed by Eshraq by 3.23 per cent to Dh0.30 and Ras Al Khaimah Cement Company by 2.90 per cent to Dh0.67. ADX index has surged 1.89 per cent so far this year and rose 0.27 per cent for the month. Traders say investors are remaining cautious on news flow out of the Eurozone.