Dubai bourse dips from Sunday high

Markets Update: The Dubai Financial Market General Index fell 0.14 per cent yesterday after starting the week in bull-run territory.

Aramex declined 1.53 per cent. Silvia Razgova / The National

The Dubai Financial Market General Index fell 0.14 per cent yesterday after starting the week in bull-run territory.

Among the companies that ended the trading day in negative territory were Aramex, which fell 1.53 per cent, and Dubai Islamic Bank, which declined 1.35 per cent. Du dropped 1.32 per cent.

The index had begun the week on a high note, rising 3.6 per cent on Sunday.

Rami Sidani, the head of Middle East investments at the fund manager Schroders, said strong property earnings in Abu Dhabi and Dubai reflected the underlying strength of the economy combined with positive sentiment spilling over from global markets. "The UAE is the worst-performing place in the region, so it will be the main beneficiary of any improvement," Mr Sidani said. "Volumes continue to be very decent and the real economy is doing well, with strong growth across ports and airports."

Financials performed well on the day, with Dubai Islamic Insurance up 7.84 per cent, Shuaa Capital rising 6.95 per cent and Islamic Arab Insurance gaining 6.62 per cent.

The Abu Dhabi Securities Exchange General Index rose 0.61 per cent, led by improved sentiment around development and property company earnings.

Eshraq Properties Company jumped 7.41 per cent. Commercial Bank International was up 9.52 per cent, and National Takaful Company rose 10 per cent.