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Credit Suisse ratings help prop up UAE bourses

With positive coverage of a few firms by Credit Suisse in the run up to the second-quarter results, UAE stock indices reversed declines on Monday.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 23:37 June 30, 2008
  • Gulf News

Dubai: With positive coverage of a few firms by Credit Suisse in the run up to the second-quarter results, UAE stock indices reversed declines on Monday.

While the Dubai Financial Market General index gained 0.70 per cent to close at 5443.78, the Abu Dhabi Securities Exchange added 1.01 per cent to end higher at 4953.83.

The Dubai bourse's turnaround was led by Union Properties. Credit Suisse initiated coverage of the Dubai-based real estate developer, and gave it an "outperfom" rating with a target of Dh8.2. It's share price edged up 2.99 per cent to Dh5.16.

Arabtec, one of the builders of the world's tallest tower Burj Dubai, also was given an "outperform" rating by Credit Suisse with a target of Dh25. The stock also ended higher, up 2.2 per cent to close at Dh16.2.

Ajman Bank remained flat at Dh2.40. Emaar Properties also remained unchanged at Dh10.85.

Among the other gainers were Deyaar Development, Air Arabia and Tamweel and du. Their shares went up by 1.48 per cent, 0.55 per cent, 6.33 per cent and 4.18 per cent respectively.

The banking, energy and real estate sectors posted gains leading the index to close higher.

With Dana Gas's announcement that it has discovered oil in Egypt, it's share price rose 2.67 per cent to Dh1.92. Abu Dhabi national Energy, also known as Taqa, ended in positive territory, up 3.66 per cent to Dh2.83.

The gains in the banking sector was led by National Bank of Abu Dhabi, up 2.18 per cent to Dh21.10 and First Gulf Bank, which rose 1.14 per cent to Dh26.70.

Real estate companies also gained. Aldar Properties and Sorouh Real Estate posted 1.21 per cent and 1.87 per cent gains respectively.

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