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Emaar, Salama bring back mild activity on Dubai index

DIB fails to put strong performance on the bourse despite better than expected results

Gulf News

Dubai: Emaar Properties and Salama, which is 20 per cent owned by Abu Dhabi Financial Group, revived activity although mildly on Wednesday, with traded value recovering by 50 per cent.

The Dubai Financial Market General index closed 1.18 per cent higher at 2,810.63. Traded value rose to Dh150 million from Dh100 million in the previous session.

“Looking forward on to the next week, it is expected to see movement with more results being posted by the firms,” said Issam Kassabieh, senior analyst with Menacorp.

Salama Insurance closed 2.09 per cent higher at Dh0.634, contributing 27 per cent of the total traded value of Dh150 million. Emaar Properties closed 2.46 per cent higher at Dh5. Dubai Islamic Bank closed 0.19 per cent higher at Dh5.35 despite strong results.

DIB made Dh1.23 billion in net profit in the three months to September 30, up from 1.11 billion a year earlier. “Dubai Islamic Bank’s earnings will be posted in the first trading hours of the session and expectations could prove correct if the bank reports higher earnings for this 9 month period on the back of increased capital and increased interest rates,” Kassabieh said before the results.

DP World closed close to 1 per cent to be at $18.64.

Underperforming the regional equity markets, the Dubai Financial Market has shed more than 18 per cent since January 1.

“Anecdotal evidence suggests that there is a slight increase in investor sentiment, as some investors are starting to see value at these levels and are positioning themselves for the upcoming dividend season,” Emirates Investment Bank said in a monthly update.

The Abu Dhabi Securities Exchange general index closed 0.12 per cent lower at 5,014.53. First Abu Dhabi Bank closed 0.04 per cent lower at Dh14.8. Etisalat closed 0.04 per cent higher at Dh16.7. Adnoc Distribution closed flat at Dh2.33. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed at 7,834.16, down 0.89 per cent.

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