Shares on the Dubai Financial Market (DFM) continued their upward surge on Wednesday following a 2.1 per cent gain on Tuesday. The share market has been rallying on Arabtec being awarded a Dh2.4 billion contract by Abu Dhabi’s Tourism Development and Investment Company (TDIC) to construct Louvre Abu Dhabi and has been assisted by positive global sentiments towards stocks after the US lawmakers reached a partial deal to avoid the fiscal cliff.
The DFM index rose 1.04 per cent to close at 1,745.17 with market participants now eyeing an extended bull run and 1,800 as the next resistance level following an upsurge in the value and volume of shares traded on the market since the beginning of the new year. The market index on Tuesday had closed at 1,727.29.
On Wednesday, the investors bought shares in real estate major Emaar, construction major Arabtec, district cooling firm Tabreed, Tamweel and DFM with gainers on the market outpacing the losers.
Around 610.91 million shares, cumulatively worth about Dh668.13 million were traded on the Dubai market. Emaar’s shares cumulatively valued at around Dh77.67 million were traded, its stock closing 0.49 per cent higher at Dh4.14. Arabtec’s shares gained 2.71 per cent, while Tabreed’s shares rose 14.73 per cent.
Of the 29 company stocks traded, 15 rose, while 14 fell. The day’s top gainer was Mazaya, its stock rising 14.99 per cent to close at Dh0.859. Al Salamsudan was the day’s main loser, its shares fell 7.69 per cent to close at Dh1.80. The shares of Tabreed were the most traded by value and volume.
Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) general index fell marginally on Wednesday on profit-taking by investors following the recent bull run which took the index past 1,700. The investors mainly booked profits in local real estate companies Aldar Properties and Sorouh Real Estate whose shares had climbed on Tuesday 13.57 per cent and 14.49 per cent, respectively following news reports the companies were closing in on a merger deal.
The general index closed 0.22 per cent lower at 2,716.77, down from the close of 2,722.86 on Tuesday.
The cumulative value of share transactions on the market on Wednesday fell to Dh249.23 million from about Dh262 million on Tuesday.
Telecommunications major Etisalat’s stock, which has a high weightage on the index, closed 0.22 per cent higher at Dh9.10. Investors sold real estate and energy shares, but selectively bought banking shares. Around 199.39 million shares were traded. Of the 39 company stocks traded, 13 advanced, while 14 fell and 12 closed unchanged.
The stock of Aldar Properties closed 5.66 per cent lower at Dh1.50. About 33.7 million shares of Aldar, cumulatively worth about Dh51.82 million changed hands on the market. Sorouh Real Estate’s shares fell 5.7 per to Dh1.49 at close.
The top gainer on the Abu Dhabi market was Al Khazna Insurance company, its shares gaining 8.7 per cent to close at Dh0.75. Union Cement Company was the top loser, its stock ending the day 8.14 per cent lower at Dh0.79. The shares of Sorouh were the most traded in terms of value as well as volume.
— Himendra Mohan Kumar