UAE shares reverse trend to record strong gains

Abu Dhabi: UAE markets reversed course yesterday recording strong gains of Dh12.53 billion reflected by the 1.53 per cent advance of the Emirates Securities general index to 6,052.88.

Dubai Financial Market's general index ascended 1.12 per cent to 5,777.92 on account of tangible gains recorded by all leading shares, a strong indication for a bullish week ahead.

Emaar Properties moved up 0.41 per cent to Dh12.15, while its financial arm, Amlak Finance, advanced 1.67 per cent to Dh4.86 as a result of the company's forecast for 2008's profit to increase by 70 per cent, and a 10 per cent cash dividend after reporting tangible net profit for the first time in its history.

Investors were also bullish about Gulf Navigation, which returned to the centre stage after reporting 120 per cent increase in net profit for 2007 with a 7 per cent cash dividend. The firm is also awaiting the approval of Emirates Securities and Commodities Authority (Esca) to open up for foreign ownership.

In Abu Dhabi, the general index advanced 1.85 per cent to 4,777.86 on account of the strong gains recorded by etisalat, which advanced 3.97 per cent to Dh24.85, and the National Bank of Abu Dhabi which gained 2.31 per cent to close at Dh24.40.

The rally on the real estate and energy sectors continued, as Sorouh approached its record high Dh9.40 level, advancing 2.79 per cent to Dh9.20, while Aldar Properties recorded 1.36 per cent gains to stand at Dh11.15 by the close.

In the energy sector, Aabar Petroleum and Dana Gas ended the session on positive grounds as well, advancing by 1.55 and 0.86 per cent to Dh4.60 and Dh2.35 respectively.

Overall, the total value of traded shares declined to Dh2.53 billion, indicating the retreat of margin trading, as brokerage firms usually seek to close their open position towards the end of the week.