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Volumes slide as indices close lower

DUBAI — The UAE stock market reported thin trading yesterday as the leading banking and service sector shares slipped further. The property sector was down by 1.3 per cent, while the telecom and financial services sectors closed down by 0.98 per cent and 0.18 per cent, respectively.

While the leading banking sector stocks including Dubai Islamic Bank and Emirates Bank closed lower, in the services sector Emaar, Union Properties, Tabreed and Etisalat closed lower.

Overall, the market witnessed negative movements yesterday as most key indices closed lower. The overall market volumes were at 41 million shares worth Dh736 million. In 2573 trades, the Dubai Financial Market traded 34 million shares worth Dh516 million. In the service sector, property major Emaar closed 20 fils down at Dh24.40. Union Properties, another leading property scrip closed 21 fils down at Dh7.55. While the Shuaa scrip was down by over 2 per cent, Tabreed closed 90 fils down at Dh46.15. Amlak and Arabtech also fell by 9 fils and 6 fils respectively.

Among the actively traded banking sector shares Dubai Islamic Bank was the lone exception to the market trend yesterday. While the DIB scrip gained 20 fils, the Commercial Bank of Dubai and the National Bank of Abu Dhabi fell by Dh1.45 and Dh2.25, respectively. In the Investment sector, the Gulf General Investment Company closed Dh2.50 down at Dh57.90 and the Dubai Investment Company scrip slipped by 15 fils.

On ADSM the National Bank of Abu Dhabi closed 15 fils up at Dh51.15 while the Commercial Bank of Abu Dhabi scrip fell by Dh1.70 to close at Dh230.10. In the services sector, Etisalat slipped by 40 fils in yesterday's session to close at Dh338.75.