Positive start to the week for Dubai Financial Market

Dubai stocks started the week on a positive note, with the Dubai Financial Market General Index rising 1.37 per cent to 3,805.41 points.

The index ended a run of eight successive days of gains last Wednesday with two consecutive days of declines.

Brent crude closed 2.3 per cent higher last week at US$57.87. The European benchmark fell 6 per cent on Wednesday following an increase in US crude inventories and record Saudi Arabian output of 10.3 million barrels per day last month.

Takaful Emarat Insurance was the top performer on Sunday, rising 11.49 per cent to Dh1.65. Shares of the construction company Arabtec gained 5.49 per cent to Dh2.69.

Shares of Aman, also known as Dubai Islamic Insurance and Reinsurance company, and Shuaa Capital were among the losers, dropping 2.94 per cent and 1.29 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index hardly moved, closing 0.05 per cent lower at 4,560.44.

Union Insurance Company jumped 12 per cent to Dh1.12. The building supplies company Bildco gained 6.25 per cent to 68 fils.

NBAD and the pharmaceutical company Julphar weighed the index down, shedding 2.51 and 2.46 per cent respectively.

Elsewhere, Saudi Arabia’s Tadawul gained 0.12 per cent to touch 8,961.13, which is still shy of its year-to-date high of 9,690.99 reached on March 12.


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