News Column

Dubai index surpasses five-year high

January 20, 2014

Naushad K Cherrayil Staff Reporter

Dubai : Real estate, financial and investment shares lifted the Dubai index by 1.45 per cent to close at 3,669.83 points on Monday, its highest level since October 2008 . A buying spree was evident as about 1.91 billion shares worth Dh2.43 billion were traded. The index advanced for an eighth day. The index has jumped 8.90 per cent for the year. Among the gainers, GGICO rose by 14.87 per cent to Dh1.12, followed by Ajman Bank by 14.71 per cent to Dh2.73 and Gulf Finance House by 9.60 per cent to Dh0.856. Gulf Finance House (GFH) shares rose for the third straight day and touched their highest point since March 2012 after the company signed an agreement with a consortium of British investors to sell its 75 per cent stake in Leeds United Football Club . After completion of the deal, GFH will retain a 10 per cent stake in the English Championship side. Arabtec shares rose to its highest in five years after it won a Dh5.7 billion contract in Jordan to build a themed entertainment resort. The builder's share rose 3.9 per cent to Dh3.48. National Industries Group suffered the worst by falling 10 per cent to Dh3.15, followed by Mashreq Bank by 8.15 per cent to Dh89.55 and Takaful-EM by 3.07 per cent to Dh0.852. Of the 30 companies traded, 23 rose, five fell and two remained steady, with GFH the active volume and value leader. In Abu Dhabi , the index ADX rose for the fourth straight day by 0.18 per cent to 4,569.98 points, led by financial and investment sector shares. The index has jumped 6.52 per cent for the year. Among the gainers, Union Cement rose by 9.37 per cent to Dh1.75 followed by Al Khazna Insurance by 7.14 per cent to Dh0.90 and Waha by 6.87 per cent to Dh2.80. National Marine Dredging was the biggest loser, dropping 9.46 per cent to Dh8.33, followed by Abu Dhabi National Insurance by 9.38 per cent to Dh5.80 and Arkan by 2.78 per cent to Dh1.40. Of the 36 companies traded, 22 rose, 12 declined and two closed unchanged. About 718.66 million shares worth Dh1.28 billion were traded. Esharaq was the active value leader while Dana was the active volume leader.

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Source: Gulf News (United Arab Emirates)

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