Shares in Dubai staged a strong rally yesterday, adding 182.18 points or three per cent to close at 6,291.87 following high turnovers and favourable economic outlook. The index of 42 companies that traded in Abu Dhabi rose 0.8 per cent at 4930.39 points.
"Dubai is reacting to good company earnings and positive economic news," said Sherif Abdel Khalek, head broker at Al Futtaim HC Securities, as quoted by Bloomberg.
This developed following the announcement made by the Dubai Financial Market (DFM Co) of an increase in profit for 2007, with net income surging 76 per cent to Dh1.41 billion. The measure rose 44 per cent last year.
State-owned Wam news agency said that Dubai's budget surplus would be more than double this year to Dh11.4 billion.
DFM registered shares value of over Dh5 billion. Its utilities sector advanced 5.1 per cent to close at 6,225.96, leading the eight other sub-indices on the general benchmark. The materials sector grew five per cent at 354.73 followed by the banking sector, which increased 3.4 per cent at 3,557.79.
National Industries Group, a holding company of a number of industrial and financial organisations in the Middle East, Europe and North America, and Arabtec Holding led DFM with a jump of 14.7 per cent each from Dh16.65 to Dh19.10 and from Dh9.95 to Dh11.40 respectively.
Kuwait-based Global Investment House and Bahrain's Gulf Finance House, a regional player in Islamic investment and commercial banking, were also big gainers at 10.7 per cent to Dh15.50 and 9.6 per cent to Dh13.70 respectively.
There were only three losers, namely Arabian Scandinavian Insurance with a drop of 3.1 per cent to Dh2.20, Al Madina Finance and Investment with a slump of two per cent to Dh9.80 and Grand Real Estate Projects Co, which slipped one per cent to Dh5.15.
Bank of Sharjah Convertible Bonds, Gulf Medical Projects and Al Dhafra Insurance Co topped the Abu Dhabi Securities Market Index with a jump of 10 per cent each to Dh122.10, Dh7.30 and Dh6.87 respectively. Source
"Dubai is reacting to good company earnings and positive economic news," said Sherif Abdel Khalek, head broker at Al Futtaim HC Securities, as quoted by Bloomberg.
This developed following the announcement made by the Dubai Financial Market (DFM Co) of an increase in profit for 2007, with net income surging 76 per cent to Dh1.41 billion. The measure rose 44 per cent last year.
State-owned Wam news agency said that Dubai's budget surplus would be more than double this year to Dh11.4 billion.
DFM registered shares value of over Dh5 billion. Its utilities sector advanced 5.1 per cent to close at 6,225.96, leading the eight other sub-indices on the general benchmark. The materials sector grew five per cent at 354.73 followed by the banking sector, which increased 3.4 per cent at 3,557.79.
National Industries Group, a holding company of a number of industrial and financial organisations in the Middle East, Europe and North America, and Arabtec Holding led DFM with a jump of 14.7 per cent each from Dh16.65 to Dh19.10 and from Dh9.95 to Dh11.40 respectively.
Kuwait-based Global Investment House and Bahrain's Gulf Finance House, a regional player in Islamic investment and commercial banking, were also big gainers at 10.7 per cent to Dh15.50 and 9.6 per cent to Dh13.70 respectively.
There were only three losers, namely Arabian Scandinavian Insurance with a drop of 3.1 per cent to Dh2.20, Al Madina Finance and Investment with a slump of two per cent to Dh9.80 and Grand Real Estate Projects Co, which slipped one per cent to Dh5.15.
Bank of Sharjah Convertible Bonds, Gulf Medical Projects and Al Dhafra Insurance Co topped the Abu Dhabi Securities Market Index with a jump of 10 per cent each to Dh122.10, Dh7.30 and Dh6.87 respectively. Source
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