Transport and property stocks led the losers yesterday on the Dubai bourse, which ended in negative territory for four out of five sessions this week. The Dubai Financial Market General Index closed 0.7 per cent lower at 1,472.09. Air Arabia was the most actively traded equity, closing 2.5 per cent lower at 80 fils. The no-frills carrier, which is based in Sharjah, this week announced significantly lower earnings, resulting in part from higher fuel costs.
Arabtec Holding added to its overnight losses, closing 1.8 per cent lower at Dh1.64, while the heavyweight Emaar Properties closed 0.3 per cent lower at Dh3.13. Gulf Navigation was off 0.9 per cent at 50 fils. The bourses were responding in part to sharp drops in US markets the previous evening and subsequent declines in Asia. "Investors are influenced by the international falls, but the markets have not performed as bad as the Asian markets," said Nour al Zoubi, the general manager at MAC Sharaf Securities in Dubai.
The Abu Dhabi Securities Exchange General Index declined the most among the regional peers, losing 0.9 per cent to 2,471.70. Aldar Properties weighed heavily on the index for the second session in a row, declining 3.3 per cent to Dh2.05. It was the most heavily traded stock on the bourse, closely followed by Dana Gas, which ended trading 1.3 per cent higher at 76 fils. Abu Dhabi Islamic Bank retreated 2.2 per cent to Dh2.31.
Qatar's index slipped 0.5 per cent, while Kuwait's and Muscat's were down 0.1 and 0.2 per cent, respectively. The Bahrain index was marginally higher. The Saudi bourse was closed for the weekend. skhan@thenational.ae
