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Azizi Investments confirmed purchase of land at Mina Rashid Radisson SAS Residence, Dubai Marina opens luxury apartments Etihad launches daily flights to Chennai and Kozhikode |
Solid gains for DFM for the fifth consecutive session
- August 24, 2006, 11:42 pm
The Dubai Financial Market (DFM) continued its solid gains for the fifth consecutive session with the value of trades picking up remarkably yesterday to a three-month high of Dh1.56 billion.
The market’s general index recovered 2.69 per cent to close at a two-month high of 444.85 points.
The top four traded shares accounted for almost 90 per cent of the value of market trades, with Emaar alone accounting for more than Dh1 billion worth of transactions or 66 per cent.
Emaar’s shares managed to rise above the Dh13 mark to close 2.75 per cent higher at Dh13.10, a price level last achieved in mid-May.
Dubai Investments maintained its gains as well to close 2.7 per cent higher at Dh4.95.
Tabreed’s shares capitalised on the new company in Jordan to gain 1.39 per cent and close at Dh2.90.
“It is obvious that the markets have been on a recovery path for two months now, and the higher volumes being recorded during the recovery are an indication that the market is definitely on an upward trend, after touching the lowest values in three years when it recorded Dh69 million worth of transactions,” commented Haytham Arabi, manager of Shuaa Asset Management.
“The recovery is coinciding with the conclusion of the summer holidays season, though we might expect minor setbacks due to profit bookings or political developments, yet these should be minor,” he added.
In Abu Dhabi there was a strong rally as well in real estate shares, as the sector accounted for Dh20.5 million worth of transactions, out of the market’s total of Dh104.3 million.
Even Sorouh’s shares managed to achieve a 0.89 per cent gain to close at Dh3.40 despite the delay in disclosing its first half results.
The general index advanced by 0.28 per cent, to close at 3,503.53 points, keeping it in the vicinity of the 3,500 point mark.
Etisalat’s shares continued their strong performance, accounting for more than Dh16 million of transactions, and closing 0.26 per cent higher at Dh18.95, slowly approaching the Dh19 mark.
“The UAE markets are now at the beginning of a new cycle, which lasts generally for three to five years, and the recovery is not happening in a sharp or extreme manner, which is a very healthy phenomenon, and although the Abu Dhabi market is lagging, it is apparent that Dubai has been always at the forefront due to the market’s higher volatility,” Arabi explained.
Source - Gulf News
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