[2008-04-29]  UAE shares decline
UAE shares declined yesterday, with the Dubai Financial Market (DFM) General Index falling 1.2 per cent to close at 5,714.80 and the Abu Dhabi Securities Market (ADSM) Index dropping 0.4 per cent at 4,997.62 points.

But the measures have still gained 6.8 per cent and 9.7 per cent this month, respectively, according to a Bloomberg report.

"Its a minor and much needed correction since Gulf markets gained in the past month as companies reported good earnings," the report quoted Amro Diab, the head of Gulf institutional sales at EFG-Hermes Holding SAE, as saying.

Amlak Finance, Emaar Properties, Tamweel, National Central Cooling Co (Tabreed) and Shuaa Capital led the losers on DFM, whose shares value was Dh936.3 million compared with the 50-day average of Dh1.33 billion.

A leading real estate financier in the Middle East, Amlak slumped 3.7 per cent to Dh4.75 while Emaar, the biggest publicly traded property developer in the Middle East and Africa, slipped 2.5 per cent to Dh11.60.

Tamweel, the biggest provider of home mortgages in the UAE by market value, ended its four-day gains with a loss of 2.4 per cent to Dh7.78. Tabreed, a regional pioneer in district cooling, lost 2.3 per cent to Dh2.52.



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