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Shares in Dubai stage strong rally with jump of 3.1 per cent   Join our daily free Newsletter

MENAFN - Khaleej Times - 16/10/2007

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(MENAFN - Khaleej Times) DUBAI — Paced by Deyaar Development and Emaar Properties, Dubai's main index yesterday staged a strong rally with a jump of 3.1 per cent to close at 4,644 points, as trading resumed after a four-day Muslim holiday of Eid Al Fitr.

In Abu Dhabi, shares hit a 16-month high in early trading which was paced by Sorouh Real Estate. The general benchmark rose 0.91 per cent to 3,806.55, its highest this year, as against 3,772.14 on Wednesday, the last session before the break.

Shares of Sharjah-based budget carrier AirArabia hit a record high on Dubai Financial Market (DFM) General Index due mainly to foreign buying, rising 9.1 per cent to Dh1.68.

With 23 listed companies advancing and three declining, DFM traded shares with volume amounting to 1.23 billion and valued at Dh3.14 billion. There were a total of 16,031 trades.

The real estate and transportation sectors were up 3.92 per cent to 10,486.80 and 3.72 per cent to 798.78 respectively. No sector had lost, although the materials and common staples sectors were unchanged.

Property developer Deyaar, a subsidiary of Dubai Islamic Bank, posted trade volume of 485.57 million valued at Dh968.44 million, as it shares rose 5.72 per cent to Dh2.03. Emaar advanced 3.04 per cent to Dh11.85, with volume of shares valued at Dh386.8 million.

Kuwaiti-based Public Warehousing Co, a global warehousing and logistics company, topped DFM with a jump of 15 per cent to Dh19.65 while the region's largest publicly listed Islamic home lender, Amlak Finance, advanced 8 per cent to Dh3.67.

The region's only publicly traded stock exchange, DFM Co, gained 6.23 per cent to Dh3.92 and Arabtec Holding, which invests in the UAE contracting sector, increased 6.1 per cent to Dh6.99.

Aramex, a global total transportation company, led the losers with a fall of 5.8 per cent to Dh2.61 while Kuwait's Al Madina Finance and Investment dropped 1.5 per cent to Dh10.15 and Arab Insurance Group slipped 0.3 per cent to Dh3.54.

National Corp for Tourism and Hotels led 19 other gainers on Abu Dhabi Securities Market (ADSM) Index with a rise of 10 per cent to Dh4.97, followed by Ras Al Khaimah Ceramic Co with a climb of 9.1 per cent to Dh6.01.

There were six losers, with Oman & Emirates Investment Holding Co posting the biggest fall at 6.5 per cent to Dh21.60. Abu Dhabi Ship Building Co, which builds ships for the UAE Navy and does repair works for the Qatari and French navies, slumped 5.32 per cent to Dh3.56.


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