News Column

DFM gains, ADX declines

February 17, 2014

Gaurav Ghose Financial Features Editor

DUBAI: UAE indexes ended mixed on Monday as Abu Dhabi's stocks declined marginally and Dubai's uptrend continued.

Dubai's benchmark stock index was up 0.84 per cent to 4224.01. A total of 1.21 billion shares were traded, which were valued at Dh2.50 billion. Of the 35 stocks traded, 21 advanced, nine retreated and five remained unchanged.

Among the gainers included Dubai Islamic Bank, up 2.38 per cent, Union Properties, which climbed 3.68 per cent, Gulf General Investment Co., which added 7.88 per cent and Al Salam Bank Bahrain, which surged 14.97 per cent to Dh1.92.

"DFM continues to build on recent gains, DIB is particularly in focus as underlying fundamentals of Dubai continue to improve as seen by Emaar's fourth quarter earnings numbers," said Saleem Khokhar, head of equities at National Bank of Abu Dhabi's asset management group.

Emaar Properties's annual profit rose 21 per cent beating analysts' estimates as its hospitality and shopping mall business contributed 46 per cent of its full-year revenue.

In the capital, the stock measure ADX Securities General Index slipped 0.24 per cent to end at 4880.00.

"ADX was softer on some profit booking," said Khokhar, adding in general that "you may find some smaller caps that have equity investment portfolios performing as earnings would be supported by investment gains."

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Source: Gulf News (United Arab Emirates)

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