News Column

UAE stock indexes end the week higher

February 20, 2014

Gaurav Ghose Financial Features Editor

Dubai: UAE markets ended the week higher on Thursday as Dubai gained more than two per cent in what was a relatively volatile week than previous ones and Abu Dhabi gained less then half of one per cent.

The week started with a big jump for the Dubai stocks, which saw the benchmark add 2.20 per cent, but later in the week lost on two consecutive days, shedding 1.70 per cent.

The Dubai Financial Market General Index advanced 2.05 per cent this week to end at 4182.87. The gauge was up 0.73 per cent on its previous session.

Abu Dhabi's ADX Securities Index, which witnessed small daily moves this week, advanced 0.46 per cent. It closed at 4914.69, gaining 0.65 per cent over Wednesday.

Positive earnings

After Sunday's performance, retail investors in Dubai booked profits on some of the stocks that have been among the big gainers over the past year and have continued their uptrend with minor dips in between. They bought back some stocks on Thursday to push the index into positive territory.

Positive earnings as well as strong recovery in the real estate sector have led to the property and banking and investment stocks doing well in the past few weeks.

On Thursday, among the active ones whose share prices increased, Emaar Properties was up 2.05 per cent to Dh8.95; Union Properties rose 2.62 per cent to Dh1.96; Dubai Investments climbed 0.56 per cent to Dh3.58. Gulf Navigation, Arabtec, Gulf Finance House and Al Salam Bank Bahrain were among the decliners.

In the capital, Aldar Properties, Dana Gas and First Gulf Bank were the most active and edged 1.22 per cent, 1.15 per cent and 1.35 per cent higher. Arkan Building Materials, among the biggest gainers this year, surged 12.93 per cent to Dh2.62.

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Source: Gulf News (United Arab Emirates)

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