Business | Markets

Dubai market advances for third straight day as Arabtec gains 7.61%

Banking, energy and telecom sectors end Abu Dhabi's three-day rally in lacklustre trading

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:03 July 23, 2008
  • Gulf News

Dubai: UAE shares had a mixed day with Dubai advancing for the third straight session and Abu Dhabi ending its three-day gain.

With a 7.61 per cent surge to Dh19.10 in the share price of Arabtec, which said it won two contracts from Dubai Municipality worth Dh410 million, the Dubai Financial Market General Index rose 0.18 per cent to 5,296.92.

Emaar remained unchanged at Dh10.05.

Though the index closed up, losers led gainers 16 to 6. "If anything, it is actually a sideway movement. Whatever the resilience, it is coming on the back of the foreign investors, especially on the blue chips," said Haissam Arabi, managing director of asset management at Shuaa Capital.

"That is holding the index more or less around the same level."

"What is happening lately, is probably as we hit summer, and then the month long Ramadan, retail investors are not going to come in until late September-early October," Arabi added.

"You will see the lacklustre trading continue for sometime."

In Abu Dhabi, the index closed 0.29 per cent lower to Dh4,950.36. While banking, energy and telecom sectors lost, real estate and construction gained. Of 43 traded stocks, 27 declined, 13 advanced and three remained flat.

Among the gainers were Arkan Building Materials, which rose two per cent to Dh6.62. The company announced that its second quarter profit more than doubled to Dh110.9 million.

Aldar Properties and Sorouh Real Estate gained 1.27 per cent and 1.59 per cent respectively. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank declined 1.18 per cent and 0.78 per cent respectively.

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