Business | Markets
Abu Dhabi shares up 2.48% in a week
Abu Dhabi Securities Market (ADSM) reported a strong performance this week advancing by 2.48 per cent to 4,877.17, while Dubai Financial Market was almost flat by yesterday's close retreating 0.24 per cent to 5,452.64.
- By Ahmed A. Elewa, Senior Reporter
- Published: 01:00 April 11, 2008
Abu Dhabi: Abu Dhabi Securities Market (ADSM) reported a strong performance this week advancing by 2.48 per cent to 4,877.17, while Dubai Financial Market was almost flat by yesterday's close retreating 0.24 per cent to 5,452.64.
The strong performance in Abu Dhabi is attributed to the quick recovery of etisalat, the country's leading telecommunications services provider, after the price adjustment following the bonus shares dividend.
The company advanced by 6 per cent to Dh22.15 throughout the week.
The banking sector was among the best performers on account of the 3 per cent of gains reported by the National Bank of Abu Dhabi (NBAD) which closed at Dh20.25, as well as First Gulf Bank's impressive 4.75 per cent of gains recorded towards the end of the week to close at Dh20.95 after reporting record first quarter results.
The real estate sector was also partly responsible for the better performance in Abu Dhabi, where Aldar Properties and Sorouh Real Estate recovered 2.5 and 2.7 per cent of the previous week's losses to stand at Dh10.85 and Dh9.51 respectively. Aldar accounted for Dh1.76 billion worth of transactions exceeding Emaar's Dh895 million.
In general, Abu Dhabi accounted for 53.6 per cent of the total weekly value of traded shares exceeding Dubai where investors seem to maintain cautious attitude, despite very positive developments for many of the leading shares.
During the week Amlak Finance, Emaar's financial arm, announced 425 per cent growth in its first quarter net profit, while Tamweel's annual general meeting approved issuing Dh5.1 billion worth of sukuk, and the conversion to a holding company.
The real estate sector was hit by Emaar's 2.2 per cent of losses, pricing the developer at Dh11.10 by the close of Thursday, Deyaar Development, the real estate arm of Dubai Islamic Bank (DIB), followed retreating 2.08 per cent to Dh2.35. DIB itself also fell 2.97 per cent to Dh9.46.
Overall, the Emirates Securities general index ended the week 1.25 per cent higher on account of the gains in Abu Dhabi, to close at 5957.89.
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