UAE stock markets remain lacklustre

Abu Dhabi: The general index of the Abu Dhabi Securities Market (ADSM) yesterday failed to reflect the strong gains recorded by many leading shares, reporting a flat performance instead.

The benchmark advanced by less then a point, or 0.01 per cent to 4,705.02, despite the 3.26 per cent worth of gains recorded by Aldar Properties, and more than three per cent for Aabar Petroleum.

Sorouh Real Estate was also in the black advancing 0.77 per cent to Dh9.20 approaching the all-time-high of Dh9.40.

Other leading shares reported tangible gains as well including Abu Dhabi National Energy (Taqa) which advanced by 1.96 per cent to Dh3.65, and Arkan Building Materials which surged 4.47 per cent to Dh3.74 on heavy trading. The value of traded shares recovered substantially to Dh935.5 million, almost 100 per cent higher than the previous day.

The influence of the National Bank of Abu Dhabi was apparent, as it recorded 1.27 per cent worth of losses to close at Dh23.40, limiting the advance of the general index. Meanwhile, etisalat stood unchanged at Dh24.40.

Dubai

In Dubai, the general index advanced slightly by 0.62 per cent to 5,631.88 on account of Emaar Properties' recovery by 0.89 per cent to Dh11.30.

All the leading shares recorded moderate gains, as only four out of a total of twenty two traded companies recorded losses.

Dubai Financial Market's (DFM) shares advanced by almost one per cent to Dh5.60, while Amlak Finance was among the best performers gaining 2.18 per cent to close at Dh4.68, as well as du which recovered more than three per cent to end the session at Dh6.46.

Four of the seven benchmarks in Arabian Gulf markets advanced yesterday. Oman's Muscat Securities Market 30 Index rose 0.5 per cent, gaining for a second day. Qatar's Doha Securities Market Index fell two per cent, bringing the four-day drop to 2.9 per cent. The Bahrain All Share Index lost 0.5 per cent.

Commercial Bank of Kuwait climbed 1.3 per cent to 1,600 fils. Kuwait's third-biggest publicly traded bank expects to record a gain of 22.1 million Bahraini dinars from selling a 19 per cent holding in BBK Bank.

Saudi Basic, the world's biggest chemicals maker by market value, surged 6.2 per cent to 154.5 Saudi riyals. Sabic had its biggest one-day gain since December 11.

Scorecard investment rises at adsm

ADSM announced yesterday that institutional investment increased in 2007 to Dh9.9 billion, compared to Dh1 billion in 2006.

In its review of last year's performance, the exchange highlighted the increase in the number of listed companies from 60 to 64, and the number of registered brokerage firms from 84 to 96.

ADSM introduced a new website and held a series of roadshows in London and New York aimed at introducing listed companies to a number of the large asset management funds, financial analysts, investment funds and institutions to support investor relation activities, enhance transparency and promote the market.

ADSM signed memoranda of understanding (MoUs) with the Bahrain Securities Market, Singapore Exchange Limited, Hong Kong Exchanges and Clearing Limited, Taiwan Stock Exchange and the Damascus Securities Market, aimed at enhancing and strengthening cooperation between ADSM and these exchanges, facilitating cross-listings, and increasing institutional participation.