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MENAFN - Khaleej Times - 05/05/2010

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(MENAFN - Khaleej Times) Dubai Financial Markets General Index, or DFMGI, on Tuesday rose to the highest level in a week on investor optimism about Dubai Worlds debt talks. DFM-listed companies, DSI and Tabreed, received contracts in Oman and Saudi Arabia also boosted the sentiments on the exchange.

Drake & Scull International PJSC (DSI), the construction company, rose the most in more than a month after its Omani unit got two contracts and National Central Cooling Company, or Tabreed, jumped the most in seven weeks following reports that the company received a contract in Saudi Arabia.

The DFM General Index increased 0.31 per cent to 1,742 points, the highest since April 27. Out of 26 stocks traded yesterday, 15 posted gains while six remain unchanged and five declined. Trading volume slightly improved to 168.15 million shares from 136.51 million a day earlier.

Any relief on the Dubai World front, and especially when it comes from the institutional bondholders, is a relief to the local banks that are big holders of the bonds, said Yazan Abdeen, a fund manager at ING Investment Management (Dubai) Limited.

Emirates NBD PJSC, one of the main creditors to Dubai World, gained the most in a week. Emirates NBD advanced one per cent, the most since April 27, to Dh2.98.

Drake & Scull gained 2.8 per cent, the most since April 1, to 90.9 fils. Drake & Scull International Oman got to contracts worth a combined Dh44.2 million.

Tabreed, climbed 4.1 per cent to 45.6 fils. The air-conditioning company won a 25-year contract to build, own, operate and maintain a cooling system at Saudi Aramcos headquarters in Dhahran. Banque Saudi Fransi will provide financing for the SR1.8 billion (480 million) cooling system.

Deyaar up 1.96 per cent to 0.42 fils. Shuaa Capital fell 2.14 per cent to Dh1.37.

ADX rises
Abu Dhabi Securities Markets General Index rose 4.94 points, or 0.18 per cent, to the highest level in a week. The benchmark index broke the psychological barrier of 2,800 points in thin trade as only 30.23 million shares worth Dh61.31 million were traded on the exchange.

Abu Dhabi Commercial Bank gained 1.6 per cent, rising for a second day since investment bank Shuaa Capital ratified a Dh240 million loan with ADCB to settle obligations against guarantee of a Dh200 million availed by Gulfinvest International.


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