Dubai index runs out of steam after 8-day rally

Tuesday, Jan 21, 2014

Dubai: Dubai index ran out of breath on Tuesday after advancing for the past eight days.

The DFM index ended 0.12 per cent down at 3,665.42 points.

Among the gainers, GGICO rose for the second day by 14.29 per cent to Dh1.28, followed by CBD which went up 8.44 per cent to Dh4.88 and Salama by 7 per cent to Dh1.04.

GFH, the active volume and value leader, fell by 1.64 per cent after touching its highest since March 2012 on Monday.

Agility fell by 9.84 per cent to Dh11.45, followed by National Industries Group by 6.67 per cent to Dh2.94 and Ascana by 4.31 per cent to Dh2.

Of the 33 companies traded, 14 rose, 18 fell and one remained steady. About 1.78 billion shares worth Dh2.54 billion were traded.

In Abu Dhabi, the index — ADX — rose for the fifth straight day by 0.24 per cent to 4580.97 points.

Among the gainers, Invest Bank rose by 13.97 per cent to Dh3.10, followed by Ras Al Khaimah Poultry and Feeding by 13.37 per cent to Dh1.95 and Asmak by 10.09 per cent to Dh12.

Union Cement suffered the worst by falling 9.71 per cent to Dh1.58, followed by Emirates Driving Company by 6.25 per cent to Dh3.75 and Sharjah Cement and Industrial Development by 4.86 per cent to Dh1.37.

Of the 41 companies traded, 19 rose, 18 declined and four closed unchanged. About 802.74 million shares worth Dh1.57 billion were traded.

Esharaq was the active value leader while RAK Properties was the active volume leader.

By Naushad K Cherrayil Staff Reporter