News Column

UAE bourses touch a new five-year high

January 23, 2014

Naushad K Cherrayil Staff Reporter

Dubai : Real estate shares are back in the limelight and propelled both the UAE indices to surpass new five-year highs on Thursday. Strong buying spree by investors, targeting mid- to small-cap companies ahead of the fourth-quarter earnings, helped boost the value on the Dubai bourse to touch close to Dh3 billion. Dubai's benchmark index DFM closed 3.57 per cent at 3819.02 points, fuelled by real estate, financial and investment sector shares. Amid a high level of optimism currently prevailing in the real estate market, the real estate sector index rose more than five per cent on Thursday. The index rose more than 120 per cent last year. The index has jumped 13.33 per cent for the year and is trading at its highest since October 2008 . Among the gainers, Al Salam Sudan rose by 13.88 per cent to Dh3.20, followed by Shuaa by 11.71 per cent to Dh1.24 and Mashreq Bank by 11.39 per cent to Dh99.75. Aman fell by 4.61 per cent to Dh1.45, followed by Dartakaful by 4.35 per cent to Dh1.32 and Ajman Bank by 3.45 per cent to Dh2.80. Top banks are expected to reveal their fourth-quarter earnings next week. Of the 31 companies traded, 23 rose, seven fell and one remained steady. About 1.67 billion shares worth Dh2.97 billion were traded. Arabtec was the active value leader while Gulf Finance House was the active volume leader. Abu Dhabi In Abu Dhabi , the ADX index made a comeback to close 1.68 per cent higher at 4655.32 points, led by real estate shares. The index fell on Wednesday for the first time in six days. Now, the index is trading at its highest since August 2008 and has jumped 8.51 per cent for the year. Among the gainers, Abu Dhabi Ship Building rose for the second day by 14.78 per cent to Dh3.96, followed by United Arab Bank by 7.19 per cent to Dh7.45 and Commercial Bank International by 6.83 per cent to Dh2.19. National Bank of Fujairah suffered the worst by falling 9.89 per cent to Dh4.28, followed by Asmak by 7.14 per cent to Dh11.05 and Al Khazna Insurance by 5.56 per cent to Dh0.85. Of the 43 companies traded, 28 rose, 13 declined and two closed unchanged. About 550.11 million shares worth Dh1.37 billion were traded. Aldar 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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