Gulf Cement falls 9% while DFM and ADX slide

Gulf Cement Company was the largest loser on the ADX, falling 9.55 per cent. Paulo Vecina / The National

The Dubai Financial Market and the Abu Dhabi Securities Exchange both closed lower on Monday.

The ADX fell 1.09 per cent, while the DFM declined 1.64 per cent.

No stocks advanced in trading on the DFM.

Gulf General Investment Company lost 6.2 per cent of its value, with Gulf Navigation Holding and Tabreed both declining by 3.9 per cent. Union Properties lost 3.5 per cent of its value.

On the ADX, 37 stocks remained unchanged, four rose and 20 declined.

Gulf Cement Company was the largest loser on the ADX, falling 9.55 per cent. Green Crescent Insurance fell 7.7 per cent, while Dana Gas lost 4.6 per cent.

The four gainers on the ADX were Abu Dhabi National Company for Building Materials, up 2.1 per cent; Ras Al Khaimah Ceramics, up 1.2 per cent; Sharjah Islamic Bank, up 1.0 per cent; and Etisalat, up 0.4 per cent.

About Dh2.4 billion was lost of the market cap of companies on the DFM, while Abu Dhabi-listed companies lost an aggregated Dh2.5bn.

The Kuwaiti Stock Exchange Index fell 0.76 per cent in trading, while the Qatar Exchange index gained 0.13 per cent.

The Tadawul, Saudi Arabia’s stock exchange, closed down 2.77 per cent.

The MSCI Emerging Markets Index fell 0.19 per cent, in the third consecutive day of losses following declines on bourses in China and Hong Kong.

“The outlook remains complicated for emerging markets, between two adverse scenarios: lower growth and deflationary pressures in developed markets, or a strong dollar and higher rates potentially destabilising emerging markets,” Martial Godet, head of emerging market equity strategy at BNP Paribas, told Bloomberg News.

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