Dubai
Shares on the Dubai Financial Market (DFM) surged yesterday after Monday’s profit-taking with news of construction firm Arabtec being awarded a Dh2.4 billion contract by Abu Dhabi’s Tourism Development and Investment Company (TDIC) to construct Louvre Abu Dhabi being a major catalyst in driving the share market rally.
The DFM index rose 2.1 per cent to close at 1,727.29 with the value of shares traded on the market exceeding Dh439 million, indicating the recent bull run on the market is set to continue.
Yesterday, the investors bought shares in real estate major Emaar, Arabtec, Drake & Scull Int, DP World Union Properties on a day when gainers on the market outpaced losers. The market index also breached the psychological 1,700 mark yesterday, indicating more upside movements in the near-term.
Around 439.19 million shares, cumulatively worth about Dh477.56 million were traded on the Dubai market yesterday. Emaar’s shares cumulatively valued at around Dh90.65 million were traded, its stock closing 3 per cent higher at Dh4.12. Arabtec’s shares gained 5.31 per cent yesterday, while Drake & Scull’s stock closed 1.83 per cent higher.
Of the 29 company stocks traded yesterday, 21 rose, while 4 fell and 4 closed unchanged. The day’s top gainer was again Salam_Bah - Al Salam Bank - Bahrain, its stock rising a further 14.88 per cent after 14.86 per cent increase on Tuesday to close at Dh0.888. The stock had gained 5.65 per cent on Sunday. Int. Financial Advisors was the day’s main loser, its shares fell 10 per cent to close at Dh0.531. The shares Emaar were the most traded by value, while Gulf Finance House’s stock was the most traded by volume.
Abu Dhabi
The Abu Dhabi Securities Exchange (ADX) general index erased Monday marginal loss and rose 0.64 per cent yesterday driven by the surge in real estate stocks.
The market sentiments gained a positive momentum from Dubai-listed construction firm Arabtec being awarded a Dh2.4 billion contract by Abu Dhabi’s Tourism Development and Investment Company (TDIC) to construct Louvre Abu Dhabi, enabling the general index to close in the positive territory at 2,722.86.
Experts say, the market is poised to surge higher in the near-term as external factors such as the partial agreement in the US budget talks have outweighed the negatives in global investors’ risk portfolio, for the time being. The cumulative value of share transactions yesterday rose above Dh262 million, up from about Dh122 million on Monday.
Telecommunications major Etisalat’s stock, which has a high weightage on the index, closed 0.11 per cent higher at Dh9.08. Investors yesterday sold shares in banks, but purchased real estate and energy stocks. Around 195.91 million shares were traded, valued at about Dh262.8 million. Of the 31 company stocks traded, 14 advanced, while 10 fell and 7 closed unchanged.
The stock of Aldar Properties closed 13.57 per cent yesterday at Dh1.59. About 50.48 million shares of Aldar, cumulatively worth about Dh75.36 million changed hands on the market. Sorouh Real Estate’s shares also surged closing 14.49 per cent higher at Dh1.58.
The top gainer on the Abu Dhabi market yesterday was Sorouh. Union Insurance Company was the top loser, its stock ending the day 9.82 per cent lower at Dh1.01. The shares of Sorouh were the most traded in terms of value as well as volume.
