The Dubai Financial Market (DFM) General Index rose for a fourth day yesterday, adding 0.3 per cent to close at 5,752.35. Shares in the Abu Dhabi Securities Market (ADSM) Index increased 0.2 per cent at 4,785 points.
Analysts say the rally in Saudi Arabia, the region's biggest stock market, helped boost regional markets, including DFM. That country's 300-point push yesterday boosted investor confidence.
The UAE's only publicly traded stock exchange, DFM Co, also advanced for a fourth day on plans to pay a 2007 cash dividend of 10 fils a share. Shares in DFM Co climbed over one per cent to Dh5.96.
DFM Co's board of directors announced on Saturday a proposed cash dividend of 10 per cent of the nominal value of shares, which is equivalent to Dh800 million. The company recorded a net profit of Dh1.44 billion for 2007.
Shuaa Capital, a Dubai-based investment bank covering the Gulf region, advanced 1.8 per cent to Dh6.69 while Arabtec Holding topped DFM with a jump of 5.3 per cent to Dh11.95. Commercial Bank of Dubai grew 4.8 per cent to Dh14.30.
Emirates Integrated Telecommunications Co, also known as du, slumped 1.7 per cent to Dh6.39 from an opening price of Dh6.54. It said yesterday that Emirati nationals now make up 22 per cent of its workforce.
Arkan Building Materials Co and Aabar Petroleum Investments Co paced ADSM, whose shares value amounted to Dh1.6 billion. Arkan gained 5.7 per cent to Dh4.27 while Aabar climbed 0.6 per cent to Dh4.74.
Analysts say the rally in Saudi Arabia, the region's biggest stock market, helped boost regional markets, including DFM. That country's 300-point push yesterday boosted investor confidence.
The UAE's only publicly traded stock exchange, DFM Co, also advanced for a fourth day on plans to pay a 2007 cash dividend of 10 fils a share. Shares in DFM Co climbed over one per cent to Dh5.96.
DFM Co's board of directors announced on Saturday a proposed cash dividend of 10 per cent of the nominal value of shares, which is equivalent to Dh800 million. The company recorded a net profit of Dh1.44 billion for 2007.
Shuaa Capital, a Dubai-based investment bank covering the Gulf region, advanced 1.8 per cent to Dh6.69 while Arabtec Holding topped DFM with a jump of 5.3 per cent to Dh11.95. Commercial Bank of Dubai grew 4.8 per cent to Dh14.30.
Emirates Integrated Telecommunications Co, also known as du, slumped 1.7 per cent to Dh6.39 from an opening price of Dh6.54. It said yesterday that Emirati nationals now make up 22 per cent of its workforce.
Arkan Building Materials Co and Aabar Petroleum Investments Co paced ADSM, whose shares value amounted to Dh1.6 billion. Arkan gained 5.7 per cent to Dh4.27 while Aabar climbed 0.6 per cent to Dh4.74.
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