x Abu Dhabi, UAEThursday 27 July 2017

Julphar pushes Abu Dhabi stocks higher

Julphar, also known as Gulf Pharmaceutical Industries, lifts Abu Dhabi Securities Exchange in early trading.

Shares of Gulf Pharmaceutical Industries surged at the open on the Abu Dhabi Securities Exchange after it opened a Dh500 million insulin manufacturing facility in Ras Al Khaimah.

Shares of the company also known as Julphar jumped 5.1 per cent to Dh3.05.

"The total capacity of the plant is 1,500kg of insulin," Julphar said in a statement posted on the Abu Dhabi bourse on Monday.

The company first started producing insulin in the northern emirate eight years ago, using imported crystal from Europe, Julphar said.

"Some 20 per cent of the Gulf region's population now has diabetes with the number likely to double by 2030 if action is not taken to contain the disease," according to the statement.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,588.34 points.

Banking and financial related companies led the losses on the Dubai Financial Market exchange. Dubai Islamic Bank, the largest lender with Shariah rules, slipped 0.5 per cent to Dh1.94. Tamweel, the Islamic mortgage company, fell 0.7 per cent to Dh1.27. Takaful Emarat, the insurance company, dropped 2.2 per cent to 60 fils. The Dubai Financial Market General Index was down 0.03 per cent to 1,556.77 points.

Elsewhere in the region, Kuwait's measure added 0.2 per cent to 5,865.14 points. Bahrain's index was unchanged at 1,076.67 points. Oman's MSM 30 Index slipped 0.05 per cent to 5,589.41 points. Qatar's QE Index added 0.2 per cent to 8,477.76 points.

The Saudi Tadawul All-Share Index lost 0.3 per cent to 7,072.60 points.