[2008-05-15]  DFM extends losses as ADX recovers Discuss
The Dubai Financial Market (DFM) General Index yesterday lost 34.38 points, or 0.6 per cent, to close at 5,686.77, continuing from Tuesdays decline brought about by investor concern over the tension in Lebanon.

The stock benchmark index Abu Dhabi Securities Exchange (ADX) recovered with a rise of less than 0.1 per cent at 5,026.10 points, led by Abu Dhabi National Takaful Co (TKFL) and Abu Dhabi National Insurance Co (ADNIC).

Arab Insurance Group was the biggest loser on DFM with a fall of 7.7 per cent to Dh2.98, followed by National Cement Co, a producer of cement, ready-mix concrete and aggregates for construction companies, which slumped 4.6 per cent to Dh10.30.

Home mortgage providers Tamweel and Amlak Finance were big losers also with a respective fall of two per cent to Dh7.53 and 1.6 per cent to Dh4.77.

UAE shares dropped Tuesday after violence broke out in Lebanon. Shares value on DFM yesterday was Dh641.11 million compared with the 50-day average of Dh1.24 billion, based on Bloomberg data. ADX posted shares value of Dh767.3 million compared with the 50-day average of Dh927.1 million.

TKFL and ADNIC surged 10 per cent each on ADX to Dh8.14 and Dh9.93, respectively, while Abu Dhabi National Energy Co, the state-controlled energy firm known as Taqa, dropped 1.7 per cent to Dh3.58. Taqa plans to partner with more major oil companies to boost oil exploration and development, according to Peter Barker-Homek, the chief executive officer who was yesterday interviewed by Bloomberg in Paris.

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