UAE shares report mixed performance

Abu Dhabi: UAE markets reported a mixed performance on Thursday, reflecting confusion among investors towards the direction of stock prices, as well as partial profit booking on account of Wednesday strong gains.

The Emirates Securities General Index retreated by one per cent to 5,824.34 points, as the losses in Dubai outpaced the modest gains recorded in Abu Dhabi Securities Market (ADSM).

Dubai's benchmark index fell by 2.66 per cent to 5,602.37 on account of Emaar Properties' 4.06 per cent drop, as well as the seesaw pattern of decline - going as high as 8.18 per cent for du or as low as 0.36 per cent for Tamweel.

Gainer

The Dubai Financial Market's (DFM) shares were the only substantial winner yesterday, advancing by almost four per cent to Dh5.23, while Air Arabia, Deyaar Development, and Amlak Finance all fell by three to four per cent.

Deyaar announced Dh535 million in net profit for 2007, a 30 per cent increase compared to Dh412 million in 2006, while Union Properties reported a decline of 30 per cent for the last quarter to Dh213 million compared to the same period in 2006. The company said there would be no dividend for 2007.

Investors are still awaiting other companies to disclose the results, which can provide for grounds of new gains, analysts maintain.

In Abu Dhabi, etisalat, known for its generous dividends, advanced by more than one per cent to Dh23.30, leveraging the general index, which stood at 4581.54 points by the close, 0.14 per cent higher. The mixed performance was also apparent in the capital's stock market, especially in the real estate sector, where Aldar Properties retreated 1.44 per cent to Dh10.25, while Sorouh Real Estate advanced 1 per cent to Dh8.03.