Dubai shares fell on Tuesday in a session that lacked many corporate cues.
The DFM General Index retreated 0.93 per cent to 3,468.58. Islamic Arab Insurance Company (Salama) was the top laggard, falling 10 per cent to 47 fils, followed by Air Arabia, which dropped 6.72 per cent to Dh1.11.
The global aviation industry is headed for a decline in “aggregate operating margin and a slight contraction in operating profit through 2018”, said a report from Moody’s.
Retailer Marka and Shuaa Capital were the other losers.
Bahrain’s GFH Financial Group said on Tuesday it may merge with Dubai-based Shuaa Capital.
On Monday, Shuaa Capital said it would acquire investment company Integrated Capital and Integrated Securities from the Integrated Financial Group. GFH dropped 0.73 per cent to close at Dh2.73 per cent. Shuaa Capital declined 4.15 per cent to Dh1.85.
Gains in Mashreq bank, which rose 3.9 per cent, along with Amanat and Dubai Investments helped to offset the weakness.
The benchmark Abu Dhabi Securities Market General Index rose for the first time this week by 0.13 per cent to close at 4,387.96.
The day’s top gainer was Gulf Cement Company, which increased by 2.73 per cent to close at Dh1.13, followed by FGB and RAK Properties.
Insurance providers Methaq Takaful Insurance Company and Arkan Building Material Company led the laggards, with losses of 5.81 per cent and 5.26 per cent, respectively.
Saudi’s Tadawul index closed up.
Meanwhile, Brent crude was up 33 cents per barrel compared to Monday at US$51.68 in afternoon trading UAE time.
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