Business | Markets
DFM and Emaar shine in Dubai
DFM shares were among the strong performers, accounting for 30 per cent of the value of trading, in Dubai as it surged more than five per cent to Dh6.27 in Wednesday's gains.
- By Ahmed A. Elewa, Senior Reporter
- Published: 01:15 February 21, 2008
Abu Dhabi: DFM shares were among the strong performers, accounting for 30 per cent of the value of trading, in Dubai as it surged more than five per cent to Dh6.27 in Wednesday's gains.
The UAE markets witnessed a strong rally yesterday driving the value of listed companies up by more than Dh12 billion, especially in Dubai, where the value of traded shares exceeded Dh3.34 billion.
Amlak Finance followed its parent company Emaar, recording 5.84 per cent worth of gains to close at Dh4.89. Only four out of the 29 traded shares in Dubai ended the session in the red, while 23 recorded gains.
Dubai Investments and Dubai Islamic Bank advanced by 3.02 and 1.27 per cent to close at Dh5.80 and Dh11.95 respectively.
Air Arabia advanced by almost two per cent to Dh2.08. Citigroup set a 12-month fair price of Dh12.85 for the budget carrier.
In Abu Dhabi, Sorouh Real Estate outperformed its peers, recording 4.19 per cent of gains to stand at an all-time high of Dh10.20, approaching the market value of Aldar Properties.
Aldar advanced by 1.3 per cent to Dh11.70. "The company fully sold out all the units exhibited at the latest exhibition in Dubai, while the increasing demand for property in Abu Dhabi will still drive it to even higher levels," said Rami Sidani, senior associate partner at Shuaa Capital.
Waha Capital maintained its gains since rebranding from Oasis Leasing, adding 2.26 per cent to its market value to close at Dh2.72.
Nevertheless, main Abu Dhabi index edged up by 0.39 per cent to 4,744.31, as high volatility dragged some shares down substantially, including Arkan Building Material, which fell five per cent to Dh4.18.
The Emirates Securities general index recovered 1.47 per cent to close at 6,089.32 on heavy trading.
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