Business | Markets

Dubai index hits new high

Mixed Q1 earnings by Aldar Properties; Sorouh Real Estate drag Abu Dhabi index lower

  • By Naushad K. Cherrayil; Staff Reporter
  • Published: 16:04 April 30, 2013
  • Gulf News

Dubai: Renewed buying in blue-chip shares lifted the Dubai index to a new three-and-a-half-year high.

The index rose 1.62 per cent to 2,135.40 points, its highest close since November 2009.

The index closed at 2,108.63 points on April 28 (Sunday). Emaar shares rose 1.26 per cent as the property developer reported a 9 per cent increase in first-quarter net profit on Tuesday to Dh556 million, compared to Dh512 million in the fourth quarter of last year.

Among the losers, Depa suffered 7.14 per cent followed by Takaful-EM by 5.61 per cent and DP World by 1.98 per cent. Aramex fell 1.70 per cent. Al Salam Bank, Bahrain, was the biggest gainer by 7.15 per cent, followed by Dubai Islamic Bank by 6.27 per cent and Deeyar by 5.43 per cent. Emaar was the active value leader while Deeyar was the active volume leader on Dubai bourse.

Of the 26 companies traded, 19 rose, five fell and two remained unchanged. About 633.02 million shares worth Dh642.05 million were traded on Monday.

Meanwhile, Aldar Properties and Sorouh Real Estate dragged the Abu Dhabi index lower after the heavyweights reported mixed first-quarter earnings. Aldar dropped 3.3 per cent after its quarterly profit fell by 68 per cent. Sorouh shared dipped 1.6 per cent despite a rise in profit.

Of the 33 companies traded, 15 rose, 12 fell and six remained unchanged. About 119.16 million shares worth Dh243 million were traded on Tuesday. Aldar was the active volume and value leader.

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