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Qatar’s property market maturing well AFP’s project under highly accelerated construction plan Realty Capital announces completion of 5th podium of i-Rise |
Amlak helps sustain bullish trend on Dubai share market
- June 27, 2005, 11:59 pmDubai shares rose more than half a per cent yesterday, rising for a fifth straight day, helped by mortgage lender Amlak, but Abu Dhabi stocks fell more than 1 per cent as bank shares fell.
Exchange turnover at Dubai was robust at Dh2.47 billion with 99 million shares traded, but well below the record Dh4.42 billion hit on Saturday.
Market heavyweight Emaar Properties, which boosted the market 3.5 per cent on the first day of the week, climbed 0.42 per cent to Dh47.65, finishing at a new closing high.
Some 19 million Emaar shares worth Dh902 million were traded.
Amlak Finance, which announced plans earlier this month to double share capital by issuing one new share for each share held, jumped 8.5 per cent Dh15.95, another new high.
The share was Dubai’s top traded stock.
Aldar Properties, Abu Dhabi’s top traded stock, gained 0.49 per cent to close at Dh10.35.
The Dubai Financial Market index, representing 21 listed companies, ended 0.65 per cent higher at 1,131.39 points, beating the previous closing best of 1,124.08 posted on Sunday. Gainers were ahead of losers nine to four.
Analysts say the market is being boosted by expectations of robust second quarter corporate results, strong cash inflows from other GCC countries and hectic speculation by traders.
Gulf General Investment Co rose 1.67 per cent to Dh79.05 after it told the Dubai Financial Market its preliminary net profit in 2004 rose 72 per cent to Dh178.3 million, giving it an earnings per share of Dh2.97.
The Abu Dhabi Securities Market index fell 1.54 per cent to 5,789.27 points, hurt by a 2.18 per cent drop in the bank index.
Losers beat gainers 24 to 8 in good volumes of 16 million shares valued at Dh331 million. Banks led the decline yesterday.
First Gulf Bank dropped 6.24 per cent to Dh25.55, InvestBank shed 4.50 per cent to Dh9.98 and Abu Dhabi Islamic Bank shed 1.49 per cent to Dh76.10.
Source - Gulf News
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