Gulf Navigation Leads DFM’s Downwards

Dubai’s Financial Market (DFM) fell on Monday, taking cues from Asian markets, after US jobs data published on Friday failed to meet expectations. Global markets were closed on Friday through the weekend in observance of Easter.

Gulf Navigation, the emirate’s only publicly traded oil-tanker owner, fell 7.1 per cent to 33 fils ($0.09) a share. Arabtec Holding, the region’s largest contractor, lost 4.3 per cent to Dh 3.29 (approximately $0.90) a piece.

The DFM General Index fell 0.8 per cent to 1654.28 points, while the Abu Dhabi Securities Exchange (ADX) General Index slipped 0.1 per cent to 2553.54 points.

In the US, only 120,000 jobs were added last month, far below the estimate of 203,000 jobs.

Global Investment House increased its fair value on the shares of Emaar Properties, from Dh 3.30 ($0.90) to Dh 4 ($1.09) and Sorouh Real Estate from Dh 1.05 ($0.29) to Dh 1.25 ($0.34).

Elsewhere in the region, Kuwait’s index fell 0.1 per cent to 6146.00 points. Bahrain’s index fell 0.4 per cent to 1138.39 points. Oman’s MSM 30 Index lost 0.3 per cent to 5827.44 points. Qatar’s QE Index slipped 0.1 per cent to 8767.30 points. The Saudi Tadawul All-Share Index (TASI) fell 1.8 per cent to 7717.72 points yesterday.

These data have been compiled by The National.