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TECHNOLOGY Dubai shares rise 1.02% to cross 1500 points

Dubai stocks complete biggest weekly gain since March

By Naushad K. Cherrayil
, Staff Reporter
July 5, 2012

Dubai’s shares end the highest since May 10 at 1504.70 points, rising 1.02 per cent.

Among the gainers, GGICO rose 7.76 per cent to close at Dh0.347, followed by Dartakaful by 4.14 per cent to Dh0.554 and Takaful-EM by 2.59 per cent to Dh0.555.

Among the losers, Shuaa fell 1.52 per cent to Dh0.650, followed by DP World by 0.65 per cent to $10.78 and Deyaar by 0.33 per cent to Dh0.299..

Of the 26 companies traded, 23 rose, two declined and one remained unchanged.

About 79.85 million shares worth Dh100.73 million were traded yesterday

DFM index has surged 11.18 per cent so far this year and rose 3.64 per cent for the month.

The market’s rally last week was driven by Emaar “as the Saudi news boosted prospects,” said Waleed Al Khateeb, the senior finance manager at Daman Securities LLC in Dubai. “There are also positive expectations for the company’s second-quarter results.”

— Naushad K. Cherrayil, Staff Reporter

 

The Abu Dhabi Securities market (ADX) index rose 0.01 per cent to close at 2472.27 points.

Of the 25 companies traded, seven rose, 10 declined and eight closed unchanged.

About 24.18 million shares worth Dh39.01 million were traded yesterday.

Among the gainers, Watania. rose 8.08 per cent to close at Dh1.06, followed by Sudatel by 1.98 per cent to Dh1.03, and Abu Dhabi Islamic Bank by 1.32 per cent to Dh3.11.

Among the losers, Gulf Medical Projects Company lost 8.37 per cent to Dh2.22, followed by Agthia by 3.90 per cent to Dh1.98 and Green Crescent Insurance Company by 3.45 per cent to Dh0.28.

ADX index has surged 2.91 per cent so far this year and rose 1.01 per cent for the month.

“There is potentially a mini-rally on the cards before Ramadan starts, but all this depends on second-quarter results,” a trader said.

— Naushad K. Cherrayil, Staff Reporter

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