Business | Markets

Channel Sponsor

UAE shares gain on quarterly results

With companies continuing to record impressive second-quarter earnings, UAE shares made gains for the second straight day on Monday.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:08 July 22, 2008
  • Gulf News

Dubai: With companies continuing to record impressive second-quarter earnings, UAE shares made gains for the second straight day on Monday.

While Deyaar Development and Emaar Properties gave a boost to the real estate sector shares in Dubai for the second straight day, it were the banking stocks that pushed the Abu Dhabi benchmark up for the third day.

The Dubai Financial Market general Index climbed 0.85 per cent to close at 5287.56. The Abu Dhabi Securities Exchange Index rose 0.60 to end at 4964.99.

Volumes traded continued to be low with turnover of the two markets totalling Dh1.63b.

The share price of Deyaar Development, Dubai's third largest real estate developer by market value, rose 3.52 per cent at Dh2.06 after it announced that its second quarter net income tripled to Dh246.9 million. Emaar gained 0.50 per cent to close at Dh10.05.

In Abu Dhabi, bank shares continued to perform strongly with First Gulf Bank, Abu Dhabi Commercial Bank and National bank of Abu Dhabi gaining 2.19 per cent, 0.59 per cent and 2.92 per cent respectively.

The real estate sector also added 0.84 per cent with all three players gaining on the day. RAK Properties, the second highest in terms of volume traded, rose 1.60 per cent to Dh1.90. Sorouh Real Estate and Aldar Properties climbed 0.11 per cent to Dh8.81 and 1.29 per cent to Dh11.80 respectively.

Arkan Building Materials, the most active stock in terms of volume, jumped 3.34 per cent to Dh6.49.

Abu Dhabi Aviation surged 4.2 per cent to Dh4.99 after the company said its profit jumped 23 per cent to Dh29.7 million. The company has gained 16 per cent in the past four days.

  • Rate this article
  • Average reader rating (4 votes) 3 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Markets

  1. Karachi index ends flat after rate cut

  2. Abu Dhabi and Dubai bourses rise

  3. Asia shares gain as gold hits record high

  4. Karachi index ends flat in low turnover

All articles in Markets

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice