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Emaar boosts Dubai stock market
- June 19, 2005, 8:35 amDubai shares ended marginally higher yesterday after record gains recently, but top property developer Emaar climbed to another life high after announcing a one-for-one rights issue last week.
The value of shares traded at Dubai was Dh2.39 billion, down from Dh3.54 billion on the previous day and well below Monday’s record Dh4.27 billion.
Dubai Investment Co, the exchange’s top traded stock, jumped 6.67 per cent to Dh17.60, taking gains in a fortnight to 25 per cent, after its chief executive told Gulf News last week it planned to float two profit making subsidiaries over the next year.
Abu Dhabi stocks gained three quarters of a per cent in strong volumes helped by a 2.44 per cent rise in the service industry index.
Phones monopoly Emirates Telecommunications Corp rose 3.19 per cent to Dh43.70, a day after winning a bid to buy a 26 per cent controlling stake in state-owned Pakistan Telecommunication Co. The firm will pay $2.598 billion for the shares.
Al Dar Properties, whose villas in Al Raha Gardens sold briskly last week, dropped 3.23 per cent to Dh10.50.
Analysts expect UAE shares to remain firm until early July, when companies announce second quarter results.
The market had risen sharply in April helped by better-than-expected first quarter results but was nearly flat in May.
The Dubai Financial Market index, representing 21 listed companies, ended up 0.33 per cent at 1,066.55 points, closing at a new high for a third straight session.
Gainers and losers were equally matched in brisk volumes of 100 million shares, but down from 118 million the previous day. The marker had scaled a new life peak of 1,108.04 on Saturday, going past the 1,075.84 hit on Thursday.
The Dubai index climbed 17.2 per cent in the past week and posted record sales on two successive days helped by the property industry, mainly Emaar and Amlak. Expectations of robust second quarter results, new money flows from other GCC countries and hectic speculation by traders are boosting prices.
Emaar Properties rose 2.85 per cent to Dh41.55 from Dh40.4 the previous day. This takes its gains in a fortnight to 59 per cent, after the company board approved a one-for-one rights issue and an increase in the foreign equity ownership limit to 49 per cent from 20.
Mortgage associate Amlak Finance, which led a rally last month, fell 1.14 per cent to Dh13.
The Abu Dhabi Securities Market index closed up 0.76 per cent at 6,091.64 points yesterday, but losers beat gainers 21 to 9 in robust trade of 31 million shares, while the exchange clocked sales of Dh484 million.
Ras Al Khaimah Cement Co climbed 5.15 per cent to Dh5.31 and Gulf Pharmaceutical Industries rose 1.07 per cent to Dh3.79. Gulf Cement Co fell 2.87 per cent to Dh11.85.
In Dubai, district-cooling company Tabreed was the top loser, falling 7.01 per cent to Dh51.30. Union Properties dropped 2.43 per cent to Dh9.25 while Dubai Islamic Bank shed 1.41 per cent to Dh224.40.
Source - Gulf News
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