Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai Financial Market at 4-month high  Join our daily free Newsletter

MENAFN - Khaleej Times - 28/05/2009

No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) UAE shares rose on Wednesday with the Dubai bourse surging to its best finish in more than four months, buoyed by Emaar Properties and helped by a steady rise in oil prices and a rally in global equities.

Dubai index mover Emaar Properties soared to a six-month high, ending 5.5 per cent higher at Dh3.07 — its best closing level since December 14 at Dh3.04. The DFM benchmark index rose by 1.2 per cent to 1,763.29, its best close since January 7, when it finished at 1,771.32. Volume also improved with a total of 705.9 million shares worth Dh1.3 billion changing hands. The Abu Dhabi Securities Exchange main index added 1.3 per cent at 2,643.63.

"Optimism continues to prevail in international markets, leading to stronger rallies in markets in Europe and in the United States. This boosted the markets in the Gulf Cooperation Council, reviving investor appetite for risks," said Rami Sidani, head of Middle East & North Africa at Schroders Investment Management.

The country's biggest investment bank Shuaa Capital, jumped to a five-month high, closing 14.3 per cent higher at Dh1.44 and piling up gains of 28.2 per cent in two consecutive 
trading sessions.

Shuaa announced on Tuesday it was considering buying bank or agreeing to a new price for convertible bonds it issued to the Dubai Banking Group. Shuaa said it wanted to avoid a legal tussle with the Dubai Banking Group, and extended the deadline for reaching a deal up to June 4. The one-year bonds that were scheduled for conversion into 250 million shares at Dh6 a piece on October 31, 2008, would have had the Dubai Banking Group owning a 32 per cent stake in Shuaa. Also advancing in Dubai was Emirates NBD, the country's largest bank by assets, which edged up 1.9 per cent to Dh3.15.

The bank said it will firm up details on its plans to raise additional Tier 1 or core capital. UAE markets were also boosted by oil prices holding up above the 60 a barrel level.

In Abu Dhabi, First Gulf Bank was up by 4.6 per cent to Dh11.35. The bank said it bought back 400,000 shares at Dh11 a piece. Property and construction-related companies also pulled up the Abu Dhabi bourse. Arkan Building Materials Co. jumped by nearly 10 per cent at Dh4.90, while Gulf Cement Co. climbed by 9.6 per cent to Dh2.54.

Aldar Properties edged up by 2.1 per cent to Dh3.89.

Citigroup on Wednesday kept its "buy" rating for Aldar but cut its price target to Dh8.60 from Dh 10, saying the risks for the property company are high.

By Rocel Felix


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help