Shares on both stock markets spent the day vacillating below the flat line dipping by about 1 per cent on both indices.
The Dubai Financial Market closed low by 1.54 per cent at 1,013.70, low by 15.85 points. Around 43 million shares were traded with 4,645 deals made for the day.
The Abu Dhabi Securities Market ended low by 0.73 per cent at 5,075.85, down by 37.10 points.
International Financial Advisors announced the llisting of IFA Hotels & Resorts, subsidiary of (IFA) on the Kuwait Stock Exchange on 3/1/2006 and 45% of its shares was open for subscription through selling its shares by which profit of KD100 million was made for IFA.
All the sectors on the DFM fell below the red line with the Service sector which was badly hit and was low by 2.74 per cent followed by the Investment sector which lost 1.82 per cent. The Banking and Insurance sectors shed 0.26 per cent, 0.38 per cent accordingly.
Sector trading on the ADSM was in the ratio of 3:2 with losers ahead of gainers. The Hotel and Insurance sectors inched by 0.28 per cent and 0.56 per cent. The Banking, Industrial and Service sectors dipped by 0.86 per cent, 1.27 per cent and 0.53 per cent respectively.
Listing amongst the top gainers on the DFM were International Financial Advisors which grew by 3.89 per cent, Emirates Bank rose by 3.11 per cent, Global Investment House added 2.81 per cent and Arab Insurance Group up by 1.08 per cent.
The losers on the DFM were Arab Technical Construction Company which lost by 5.23 per cent, Union Properties dipped by 4.54 per cent, Islamic Arab Insurance Company shed 3.39 per cent, National Bank of Dubai low by 3.14 per cent and Amlak Finance down by 2.94 per cent.
The top advancers on the ADSM were Fujairah Cement Industries which notched by 9.47 per cent, Emirates Driving Company grew by 6.84 per cent, Sharjah Islamic Bank rose by 6.13 per cent, Abu Dhabi National Takaful Company up by 5.90 per cent and Union Insurance Company added 3.83 per cent.
The laggards on the ADSM were newly listed Palestine Telecommunications Company which shed 5.27 per cent, Abu Dhabi Ship Building Company lost 3.81 per cent, Gulf Pharmaceuticals Industries dipped by 3.79 per cent, ALDAR Properties fell by 2.83 per cent and Ras Al Khaimah Cement Company lost 2.74 per cent.
