News Column

DFM index gains 3.17% as Arabtec grows 10.34%

July 1, 2014

Sarah Diaa Staff Reporter

Abu Dhabi: The Dubai Financial Market (DFM) index went up 3.17 per cent on Tuesday to reach 4,067.67, while the Abu Dhabi Securities Exchange (ADX) general index gained 0.62 per cent to end at 4,579.40.

Construction giant Arabtec grew 10.34 per cent to end the day's trade at a share price of Dh2.88. The gain comes after two consecutive days of steep drop that saw share prices lose 16.45 per cent of their value.

Shares in Arabtec, one of Dubai's most heavily traded stocks, have plunged 63 per cent from a record high in May, pushed down by the abrupt resignation of Chief Executive Officer, Hasan Ismaik, and uncertainty over the company's strategies and relationship with shareholders.

Other stocks that inclined include Dubai Investment Co, and Emaar, which rose 11.11 per cent, and 5.83 per cent respectively.

Meanwhile, Union Properties dropped 3.73 per cent, and Drake & Scull International fell 4.44 per cent.

The DFM index had opened at 3,942.82, and plunged to a low of 3,731.59 shortly after 11am. The index continued to fluctuate throughout the rest of the day, but was on an overall incline, ending at 4,067.67.

Of the 31 stocks traded on DFM, 15 went up, 15 went down, and one remained unchanged. Of the 31 stocks traded on ADX, 17 declined, nine advanced, and five remained flat.

Elsewhere in the GCC, markets also bounced back as the Doha benchmark added 3.3 per cent on the back of a 5.5 per cent gain by Islamic lender, Masraf Al Rayan. Other supporters include Industries Qatar, and Barwa Real Estate, which went up 4.7 and 5.5 per cent respectively.

The bourse slid 16 per cent in June after hitting an all-time high at the end of May thanks to its inclusion in MSCI's emerging market index, together with Dubai and Abu Dhabi.

With inputs from Reuters

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Source: Gulf News (United Arab Emirates)

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