Market in sync with Shopping Festival mood

Dubai: Whether you are a dedicated follower of fashion or a stock market devotee, January in the UAE means only one thing -shopping.

The first trading day of the new-year saw traders across the emirates very much in buying mode, clearly in sync with all the shoppers awaiting the 2006 Dubai Shopping Festival (DSF), which is due to open its doors in less than 24 hours.

There were bargains aplenty on Dubai Financial Market (DFM), which led to a very healthy rally indeed, causing the Dubai benchmark DSI stocks index to rise 4.22 per cent to close the session 43 points higher at 1,062.70.

It was institutional buyers who led the strong turnout on DFM, returning to the market after the indices hosted a fairly non-descript end to 2005.

The DFM saw 169.2 million shares traded in 12,133 bargains.

Over in Abu Dhabi, the General Index (ADI) was a less stunning 0.98 per cent higher at 5,253.99 on turn-over of Dh374 million. This compared to a whopping Dh1.87 billion in terms of value on the Dubai market.

Dubai Investment Company led the hungry stocks on the DFM, rising 10.89 per cent to Dh11.55, having recently completed a one-for-one rights issue that allowed existing investors to buy shares at just one dirham each.

In volume terms, Abu Dhabi Securities Market (ADSM) saw little difference in the trading habits of the past week, with the same three companies in demand.

RAK Properties saw 18.1 million shares traded, with DanaGas on 15.1 million and Sorouh Real Estate on 5.5 million.

Dubai Investments was the biggest gainer of the DFM session, rising 10.89 per cent to close at Dh11.20. Finance house, Amlak, followed in second place by surging 9.09 per cent to close at Dh11.4.