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MENAFN - Khaleej Times - 29/03/2010

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(MENAFN - Khaleej Times) The Dubai Financial Market's General Index, or DFMGI, on Sunday hit a three-month high on Sunday as bullish investors backed Dubai World's debt restructuring offer with further buying.

The benchmark index rose 1.9 per cent to 1,880.62 points, its highest finish since December 16 and taking its gains to 6.3 per cent since the offer was unveiled on Thursday. Out of 28 stocks traded on DFM yesterday, 20 posted gains, while five remain unchanged and five declined as volume improved to 603.2 million shares.

In terms of value, shares worth Dh1.42 billion exchanged hands, reflecting the interest of investors who made heavy investment in banking and property sectors.

Arabtec Holding, a trade creditor, climbed 11.6 per cent at Dh2.59. In the three weeks to Thursday's close Arabtec rose 11.5 per cent, while DFMGI added 16.4 per cent over the same period.

In banking sector, Emirates NBD and Dubai Islamic Bank advanced 3.59 per cent and 1.87 per cent, respectively.

"We're waiting for more details (on Dubai World), but it seems like we now have a solution that most parties will be happy with," said Marwan Shurrab, Vice-President and chief trader at Gulfmena Alternative Investments. "The bluechips are leading the market and will attract the most foreign flow."

Dubai said it would spend up to 9.5 billion restructuring its debt-laden Dubai World conglomerate, while trade creditors are slated to receive repayment of their agreed claims through 40 per cent in cash and 60 per cent in the form of a publicly tradable security.

Property Stocks Lift Abu Dhabi
Abu Dhabi Securities Market's General Index, or ADXGI, hit a four-month peak as the feel-good factor from Dubai World's debt restructuring offer bolsters sentiment in the UAE capital. The benchmark index rose 0.87 per cent to 2,929.32 points, its highest finish since November 18.

Aldar Properties and Sorouh Real Estate added 9.95 per cent and 7.4.4 per cent, respectively. Abu Dhabi Commercial Bank, which is a major Dubai World creditor, rose 4.46 per cent. Sharjah Islamic Bank closed 4.17 per cent up at Dh1.

Arabtec Delays Bonus Payment
Arabtec Holding yesterday said it has appointed Henry Azzam and Ibrahim Hamati as board members, while retaining the current members. The firm has also decided to delay bonus payment to its board members.

Depa Moves Stock Split
Depa Limited, a Dubai-based interiors contractor, delayed splitting its stock and redenominating it to UAE' dirham from the US dollar pending the migration of Nasdaq Dubai processing platform to the Dubai Financial Market.

Depa said its shareholders on March 15 approved a stock split, resulting in the issuance of one share for each held. The record date for the stock split was to be March 30.

The new record date will be announced pending the bourse platform migration, Depa said in a statement to Nasdaq Dubai.

By Muzaffar Rizvi


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