Business | Markets

UAE stock markets register gains

Shares rally on hopes of robust Q2 earnings of local bluechip companies

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 18:36 July 8, 2013
  • Gulf News

Abu Dhabi: The UAE stock markets rallied on Monday tracking the US stock index futures which indicated the Standard & Poor’s 500 Index will gain for a third day, due to a general improvement in the situation in Egypt and in anticipation of robust fiscal second quarter earnings of local bluechip companies.

In Dubai, the DFM index rose 2.64 per cent, closing at 2,340.59, while the Abu Dhabi Security Exchange’s general index rallied 1.79 per cent to end the day at 3,645.04.

Sharia-compliant mortgage lender Tamweel said its shareholders had approved the company’s delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank (DIB).

DIB had said in January that it planned to acquire all of Tamweel, in which it owned 58.2 per cent, through a share swap agreement which would see each Tamweel shareholder offered 10 DIB shares for every 18 Tamweel shares held.

Tamweel said a majority of shareholders had accepted DIB’s tender offer to acquire the remaining shares; it did not give detailed figures.

Main gainers

As many as 188.44 million shares, cumulatively valued at Dh312.1 million, were traded on the Dubai stock market on Monday, with Emirates NBD’s stock emerging as the day’s main gainer. The bank’s stock rallied 6.3 per cent to close at Dh4.89. Other stocks which gained included DFM which surged 4.6 per cent and real estate major Emaar whose shares closed 0.56 per cent higher at Dh5.41.

Hits Telecom was the day’s main loser, its stock fell 2.18 per cent to Dh0.851.

On the Abu Dhabi market, 197.68 million shares cumulatively valued at around Dh369.76 million changed hands on Monday, the rally being primarily driven by real estate, banking and investment and financial services stocks. Around 110 million shares of Abu Dhabi’s real estate major Aldar Properties were traded on the market, cumulatively valued at Dh253.23 million. Aldar’s stock rallied 4.91 per cent, closing at Dh2.35. National Bank of Abu Dhabi was also among the day’s gainers, its stock closing 4.35 per cent higher at Dh12.

Green Crescent Insurance Company was the main loser on the Abu Dhabi market, its stock ending 4.96 per cent lower at Dh1.15.

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