Losses of 3 sectors drive the Dubai Stock Exchange to decline...

The transport, banking and telecommunications sectors led the Stock Exchange to decline in the first session of the week, in contravention of the upward trend of most Gulf bourses.

3 sectors fell on the Dubai Stock Exchange, led by the transport sector by 0.86 percent, then the banking sector by 0.74 percent, followed by the telecommunications sector by 0.57 percent, and Emirates NBD shares fell 1.4 percent and Aramex 2.3 percent.

Aramex confirmed, on Wednesday, that part of its storage facility in Morocco was damaged in a fire. Any financial impact of the accident will be evident in the financial report for the third quarter of the year.

The decline in the Dubai Stock Exchange came despite the upward trend of most Gulf stock exchanges. In Saudi Arabia, the Kingdom’s benchmark index increased 0.7 percent, as the share of Kayan Petrochemical Company rose 4.6 percent, and the Saudi National Industrialization Company rose 4.8 percent.

Najran Cement Company jumped 9.9 percent, extending its gains from the previous session, when the company proposed a semi-annual dividend of 0.75 riyals per share.

The Abu Dhabi index rose 0.4 percent; Thanks to the rise of First Abu Dhabi Bank, the largest UAE bank, by 0.9%, while Aldar Properties advanced 1%.

In Qatar, the index increased 0.3 percent, with Qatar Insurance jumping 6.1 percent.

Outside the Gulf, the Egyptian blue-chip index fell 0.1 percent, with the Eastern Tobacco Company declining 3.4 percent.

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