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Dubai market: Islamic stocks lose
September 13, 2009--Shares of firms operating in line with Islamic law (Sharia) posted the largest losses at the Dubai bourse DFM. The DFM Index lost half a per cent and closed at 2,030.04 points with almost Dhs860m value traded.
Bahrain-based Islamic investment bank Gulf Finance House (off 9.89% at Dhs6.74), Shari-compliant developer Deyaar (down 2.44% at Dhs0.80) and Islamic insurance operator Takaful-EM (3.28% lower at Dhs1.77) ended among the top losers. Emirates NBD, the UAE's and Middle East's biggest lender in relation to assets, resisted the dull trading and finished 2.16% higher at Dhs3.16. Four shares gained in total, 22 securities declined in value and two stocks remained flat.