Business | Markets
Abu Dhabi index hits two-year high
The Abu Dhabi Securities Market Index (ADSMI) on Sunday jumped to a two-year high of 5,047.79 during the day's trading.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:27 May 5, 2008
Dubai: The Abu Dhabi Securities Market Index (ADSMI) on Sunday jumped to a two-year high of 5,047.79 during the day's trading.
It ended 0.41 per cent up to close at 5,045.46. Of the 45 traded companies, 30 rose, 11 fell and four remained unchanged.
However, the acceleration in the Abu Dhabi market is not entirely unexpected. Gulf News earlier reported that with both Abu Dhabi and Dubai indices testing their 5,000 and 6,000 levels respectively, it would be sooner rather than later that they would hit them. Abu Dhabi is expected to outperform Dubai this year.
"Abu Dhabi has several stocks which have fundamentally good valuation," said P. Krishna Murthy, CEO of Al Rostamani Group's Financial Services Division.
The Dubai Financial Market General Index appreciated 0.47 per cent to 5,842.87 with turnover increasing by 14 per cent to Dh1.72 billion. Volume was low at 368.29 million shares.
Dubai Financial Market (DFM) was the most active stock by value with a turnover of Dh404.29 million, and closing at Dh6.20, up 1.31 per cent.
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