Dubai, Abu Dhabi shares rise
Date
12/24/2007 11:38:40 PM
(MENAFN- Khaleej Times) Shares in the UAE markets continued to advance on the second day of weekly trading, with the Dubai bourse gaining 0.6 per cent to close at 5,861.67 and Abu Dhabi's benchmark adding 0.4 per cent at 4,599.81 points.
Led by the telecommunications sector with a rise of 3.2 per cent at 1,048.54, the Dubai Financial Market (DFM) General Index registered almost Dh3 billion worth of shares traded by 25 companies, eight of which had advanced and 12 had declined.
Emaar Properties, whose volume of shares was valued at Dh874.2 million, paced DFM. Shares in Emaar, the largest property developer in the Middle East and North Africa, rose 2.5 per cent from Dh14.10 to Dh14.35.
Union Properties topped DFM with a jump of 5.4 per cent to Dh5.24 followed by Emirates Integrated Telecommunications Co, or du, which climbed 3.2 per cent to Dh6.48 and Commercial Bank of Dubai with a gain of one per cent to Dh10.10.
Kuwait's Al Madina Finance and Investment Co lost two per cent from Dh10 to Dh9.80, trailing all other DFM listed companies, while Arabian Scandinavian Insurance slid 1.8 per cent to Dh2.16 and Emirates NBD bank slipped 1.1 per cent to Dh13.95.
The consumer sector led the general benchmark in Abu Dhabi with a jump of five per cent to close at 2,050.21 points while the energy sector slumped 0.8 per cent at 419.91 points.
The developer of Warner Bros-branded theme parks in Abu Dhabi, Aldar Properties, continued to pace the Abu Dhabi Securities Market (ADSM) Index. Its volume of shares was valued at Dh510.4 million.
ADSM registered 305 million in shares volume valued at Dh1.73 billion. Its total trades reached 6,083, with 46 companies trading, 21 of which had gained, 23 had lost and two were unchanged.
Fujairah Building Industries, Emirates Driving Co and Ras Al Khaimah Poultry and Feeding Co jumped 10 per cent each to Dh3.63, Dh4.88 and Dh3.90 respectively leading all other ADSM listed companies.
The biggest loser was Abu Dhabi Ship Building Co, a builder of vessels for military and commercial customers, which dropped 6.1 per cent to Dh4.65 followed by Oman & Emirates Investment Holding Co with a slide of six per cent to Dh33.30.
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