Emaar leads turnaround on DFM

Dubai: After four consecutive days of decline, the Dubai Financial Market turned around on Monday, ending the day 0.51 per cent up at 5,660.94.

The advance was led by heavyweights Emaar, the largest publicly traded Arab real estate development company and the Emirates NBD, the largest bank by assets in the Gulf, which gained 0.90 per cent and 2.98 per cent respectively. Emaar closed at Dh11.20 and Emirates NBD at Dh12.10.

Emaar announced the appointment of Suresh Bhatia as the CEO of Emaar Retail, a wholly-owned subsidiary of Emaar Malls Group. "His depth and understanding in brand development and franchising will drive EMG's expansion in its key markets. He will also lend his expertise initially in developing The Dubai Mall's leisure and entertainment roster," said Jim Badour, CEO of Emaar Malls Group.

Dubai Financial Market also edged up 0.91 per cent to Dh5.55. It was the largest traded stock, trading 43.18 million shares yielding the highest turnover worth Dh238.73 million. Emaar was the second highest in terms of turnover value at Dh194. 64 million.

Dubai Investments lost ground, declining 1.20 per cent to close at Dh 4.14.

In Abu Dhabi, First Gulf Bank and National Bank of Abu Dhabi led the index to gain 0.69 per cent to 5,144.88. First Gulf rose 0.19 per cent top Dh 26.95 and NBAD 0.94 to Dh 21.50.

Sectorwise, real estate was the biggest gainer, up 3.95 per cent, followed by telecom. Sorouh Real Estate and Aldar Properties gained 2.90 per cent and 5.14 per cent to close at Dh9.93 and Dh13.30 respectively. etisalat rose 0.49 per cent to Dh20.35.

The energy sector lost ground, with Abu Dhabi National Energy Company losing 4.35 per cent to end at Dh3.74.