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Arabtech Construction to construct Dubailand Project Radisson SAS Residence, Dubai Marina opens luxury apartments Etihad launches daily flights to Chennai and Kozhikode |
Dubai shares rocket to near record highs
- August 22, 2005, 12:55 amDubai shares jumped more than four per cent yesterday and turnover nearly doubled to near record highs as investors bet robust economic growth this year will boost corporate earnings and prospects of the building industry.
Shares worth Dh3.25 billion were traded in Dubai, up from Dh1.89 billion the previous day, and not far from the record Dh4.42 billion traded on June 25.
Abu Dhabi stocks climbed more than half a per cent in robust trade helped by banks, as investors looked ahead at prospects of strong third quarter results.
Analysts say the market is being helped by the return of investors after their summer vacations, improving liquidity following new regulations restricting IPOs of start-up companies and expectations of strong growth in corporate profit from robust economic growth.
The UAE’s economy is expected to expand 10 to 12.7 per cent in 2005 helped by surging oil revenues.
The Dubai Financial Market index of 25 listed companies rose 4.13 per cent to 1,095.49 points with 14 gainers and no losers. Some 220 million shares changed hands.
Abu Dhabi stocks rose 0.69 per cent to 5,236.50 points in brisk trade of 17.3 million shares.
Turnover climbed to Dh552.8 million from Dh363.1 million.
UAE shares have now recovered much of their losses of the past three weeks after falling sharply in July.
The Dubai index is now just 3.68 per cent off its life peak of 1,137.33 points hit on June 28 while the Abu Dhabi marker is down 16.4 per cent from its record high on May 2 of 6,266.53.
Building industry shares led the rise in Dubai.
Mortgage lender Amlak Finance rose 12.25 per cent to Dh14.20, boosted by news last week it planned to open a branch in Abu Dhabi to take advantage of a new liberal property law announced there.
Arab Technical Construction Co climbed 11.98 per cent to Dh6.17 after top property developer Emaar announced yesterday it had awarded a Dh487 million to its construction unit Arabtec to build 682 villas.
District cooling company Tabreed rose 6.15 per cent to Dh5.70 while while pivotal Emaar rose 2.75 per cent to Dh24.30.
Abu Dhabi Islamic Bank continued to make sharp gains, rising 8.62 per cent to a new closing high of Dh127.30.
The gain was despite its chief executive saying that the board had taken no decision that could impact its shares.
Some 2.41 million ADIB shares worth Dh306.4 million were traded.
Commercial Bank International, which announced last week it had received permission to turn itself into an Islamic bank, was the top gainer in Abu Dhabi, rising 9.64 per cent to Dh13.65.
Abu Dhabi Ship Building Co rose 6.55 per cent to Dh36.60.
Among losers, Ras Al Khaimah Co for White Cement fell 2.75 per cent to Dh2.83.
The UAE’s combined share index, which includes 62 companies listed in the Dubai and Abu Dhabi markets, has risen 108.24 per cent since the beginning of the year and trades at a price-earnings multiple of 28.31.
Analysts expect the market to rise gradually over a period of time.
Source - Gulf News
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