[2008-07-03]  DFM ends two-day winning streak
Dubais benchmark stock index yesterday ended its two-day winning streak while the Abu Dhabi bourse advanced for a third day, helped by investors who sought refuge in less risky emerging markets.

The Dubai Financial Market (DFM) General Index dropped 0.2 per cent to close at 5,531.11, with Deyaar Development and Amlak Finance among the biggest losers. The Abu Dhabi Securities Exchange (ADX) General Index gained 1.1 per cent at 5,096.50 points.

Deyaar, a diversified real-estate company, slumped 2.3 per cent to Dh2.17 while the UAEs second-largest mortgage lender, Amlak, declined 1.7 per cent to Dh4.61. Kuwaits Ekttitab Holding Co, which debuted on DFM in May, was the biggest loser with a fall of 4.3 per cent to Dh2.86.

The shares value of 42 companies traded on ADX reached Dh2.3 billion with total trades of 9,060. Twenty-seven companies had advanced, 14 had declined and one was unchanged.

"The Gulf region is becoming less risky compared with traditional emerging markets where high oil prices may threaten growth," said Karim Helmy, the assistant vice-president at Shuaa Securities, in a Bloomberg report.

Aabar Petroleum Investments Co grew 7.6 per cent to Dh4.18, its highest gain since January 23. The company, which sold in March its only energy asset, Pearl Energy Ltd, is to decide on a strategy for investing the $600-million in cash it will have on hand when the sale to state-owned Mubadala Development Co is completed.

Emirates Telecommunications Corp, also known as Etisalat, grew one per cent to Dh20.20 after Al Mal Capital rated the shares "outperform" in new coverage with a price estimate of Dh26.34.



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