DFM declines over fall in profits

Shares of Dubai Financial Market (DFM), which owns and operates the Dubai exchange, fell 2.8 per cent yesterday, after reporting a 68.5 per cent annual decline in first-quarter profit on Sunday.

The benchmark DFM General Index closed down 0.5 per cent, while the Abu Dhabi Securities Exchange (ADX) remained flat.

Emaar Malls Group closed up 2 per cent at Dh3.11.

Among property stocks, Emaar Properties lost 0.5 per cent of its value, while Union Properties shed 1.3 per cent. Damac Properties, which was the most traded stock on the DFM, declined 1.8 per cent.

In the construction space, Arabtec was flat, while Drake & Scull International fell 4.4 per cent.

Gulf General Investment Company was the biggest decliner, losing 9.6 per cent, while Gulf Navigation fell 4.4 per cent.

Eshraq Properties, which closed down 1.8 per cent, was the most traded stock on the ADX, with Dh140 million worth of shares traded yesterday. Aldar Properties fell 2.5 per cent.

Gulf Cement was the biggest decliner on the ADX, slipping 5 per cent.

Methaq Takaful shed 4.9 per cent, while Abu Dhabi National Energy company fell 3.9 per cent.

Brent futures remained static at $65 per barrel yesterday.

The MSCI Emerging Markets Index closed 0.6 per cent higher yesterday, completing a fourth consecutive day of gains. This was mainly led by gains on Chinese and Turkish bourses, with markets in Argentina, Brazil and Colombia also rising.

The Saudi Tadawul declined 0.1 per cent, while the Qatar Exchange gained 1.3 per cent.


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