Business | Markets
DFM shares lift Dubai index to highest close since March 12
The UAE markets ended in positive territory on the first day of the week on Sunday, with the Dubai Financial Market and Abu Dhabi Securities market registering 0.76 per cent and 0.24 per cent gains respectively.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:05 April 28, 2008
Dubai: The UAE markets ended in positive territory on the first day of the week on Sunday, with the Dubai Financial Market and Abu Dhabi Securities market registering 0.76 per cent and 0.24 per cent gains respectively.
In Dubai, the general index closed at 5,785.54, its highest close since March 12, with the Dubai Financial Market (DFM) being the heaviest traded stock gaining 2.7 per cent to Dh6.09. Emirates NBD, the largest bank by assets in the country, went on to register gain for the third consecutive day with its shares rising 2.59 per cent to close at Dh11.90. Arabtec shares rose 1.3 per cent to Dh15.85.
However, Global Investment House (Global) and Arab insurance group (Arig) lost quite heavily, declining 14.8 per cent and 9.20 per cent respectively.
The optimism of the Dubai market that earnings will climb this year is being attributed to the Emirates NBD's plan to expand in Singapore and Arabtec Holding's winning a contract to build a tower in St Petersburg in Russia.
The general index of Abu Dhabi Securities Market ended the day at 5,018.40, marginally high than last week's close of 5,006.45. Aldar was the most traded stock, flowed by Dana Gas, with the former registering a gain of 1.27 per cent and latter unchanged from Thursday's close.
The gainers list was headed by Abu Dhabi National Hotels whose shares climbed 8.6 per cent to Dh13.35. The top two losers were Emirates Driving and Foodco Holding, declining 7.01 and 4.12 per cent respectively.
- With inputs from Bloomberg
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