Business | Markets
Markets' marginal advance signals continuation of consolidation phase
The UAE markets advanced marginally on Monday, signalling the continuation of a consolidation process and the momentum of which is expected to have a positive impact in the second quarter.
- By Gaurav Ghose, Financial Features Editor
- Published: 00:11 May 6, 2008
Dubai: The UAE markets advanced marginally on Monday, signalling the continuation of a consolidation process and the momentum of which is expected to have a positive impact in the second quarter.
The Dubai Financial Market General Index gained 0.08 per cent to close at 5,847.36, while the Abu Dhabi Securities Market Index was up 0.18 per cent to 5,054.35.
Show-steeler
The Dubai benchmark's appreciation was aided by Gulf Navigation Holding, which stole the show during the day, when it jumped 11.38 per cent to close at Dh1.86. It headed the gainers table and was the highest traded stock with a turnover of Dh1.05 billion.
After last week's statement from its chairman that Deyaar Development Company would not be affected by the ongoing criminal investigation into the alleged financial irregularities by some of the top management staff, its shares headed north, gaining 4.35 per cent to end the day at Dh2.40.
Of the 25 traded stocks, the gainers and losers were equally split with 11 each, and three remained flat.
The Abu Dhabi market, after hitting more than a two-year high mark on Sunday, traded both higher volume and turnover. The total traded value was Dh1.72 billion on a volume of 434.57 million shares, an appreciation of 32.27 per cent and 36.50 per cent respectively over Sunday's marks.
With strong fundamentals, energy, construction and banking sectors continued their upward movement, advancing 1.56 per cent, 1.86 per cent and 0.24 per cent respectively.
Big gainers
Fujairah Cement Industries jumped 9.86 per cent to Dh7.86 advanced the highest among the gainers, followed by National Corporation of Tourism and Hotels, which rose 9.80 per cent to Dh13.45.
Arkan Building Materials Company had the highest turnover, trading in Dh692.35 million worth of shares. Of the 42 traded stocks, 23 advanced, 18 declined and one remained unchanged.
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