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UAE stock market sees upswing

Annual results of firms push index up, boosting investor optimism.

  • By Nadia Saleem, Staff Reporter
  • Published: 23:25 January 25, 2009
  • Gulf News

Dubai: The Dubai stock market continued its upward swing from Thursday after a seven-day decline. Annual results of companies such as Deyaar pushed the index up, bringing some optimism for investors.

Property stocks have seen some stability, with Emaar being unchanged after its slight climb from positive annual results expectations last week. Deyaar Development announced a record profit of Dh1.1 billion, a jump of 105 per cent from 2007. The stock went up 4.35 per cent to close at Dh0.48.

The Dubai Financial General Index rose 1.08 per cent to end at 1,488.68, with 13 stocks climbing and 8 declining. Four stocks were unchanged. Among the gainers were Gulf General Investment Company that rose 12.43 per cent to Dh3.80. Sixteen stocks traded below a price of Dh1 on the DFM.

"The key driver for markets this week is full year results that should filter through soon. Until we see these expect intraday strength to fizzle out into the close as day traders lock in profits rather than build positions," said Matthew Wakeman, managing director, cash and equity linked trading at EFG Hermes.

The Abu Dhabi Securities Exchange Index rose 2.44 per cent to 2,188.68, led by real estate stock of Aldar Properties and Bank of Sharjah. Top gainers at ADX included Commercial Bank International that rose 9.88 per cent to Dh1.89.

Shiv Prakash, equity investment analyst, technical at Mac Capital Advisors said: "Most of the stocks were facing selling pressure and were traded at their lower end except a few like Dubai Islamic Bank, which remained strong and closed higher by 5.03 per cent at Dh1.67."

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