Business | Markets

Foreign investors boost DFM

Expert says Dubai benchmark is moving 'somewhat positively and picking up'.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:08 June 5, 2008
  • Gulf News

Dubai: With the re-entry of foreign investors into the Dubai market, the emirate's general index has been steadily gaining ground, advancing 2.26 per cent this week. For the day yesterday, the Dubai Financial Market General Index was up 0.28 per cent to close at 5,807.09.

"We now see the Dubai market moving somewhat positively and picking up," said Mousa Haddad, head of Discretionary Mandate at National Bank of Abu Dhabi.

"Last year we saw the market picking up in September, October and November. This year it may be becoming stable earlier. With levels going up, it points to that direction."

Dubai Investments was the most active in terms of the turnover value, up 2.82 per cent to Dh 4.01. Tabreed, Tamweel and Deyaar Development added 2.33 per cent, 0.71 per cent and 0.82 per cent to close at Dh2.63, Dh8.55 and Dh2.30 respectively. Although the banking sector rose fractionally, Emirates NBD declined 0.41 per cent to Dh12. Emaar Properties remained unchanged at Dh11.70.

Led by First Gulf Bank, which advanced 2.76 per cent to Dh26.05, the Abu Dhabi index edged up marginally higher. It gained 0.47 per cent to 5,137.44. Of the 45 stocks which traded, 21 gained, 15 declined and nine remained flat. Banking sector was up 0.89 per cent.

"I heard that Merrill Lynch has announced to its clients that it has a positive outlook on the banking sector in Abu Dhabi," said Haddad. "You can see FGB moving up almost every day, touching Dh26."

In the real estate sector, Aldar Properties was unchanged at Dh12.80. Sorouh Properties declined 0.21 per cent to Dh9.68.

Energy sector gained 1.67 per cent, with Aabar Energy up 2.31 per cent to Dh3.54.

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