Topped by Emirates Integrated Telecommunications Co, known as du, the Dubai Financial Market (DFM) General Index recovered yesterday with a rise of 0.6 per cent to close at 5,631.88. Shares in Abu Dhabi dropped 0.01 per cent at 4,705.02 points.
DFM, whose shares value reached over Dh1 billion, has slumped 10 per cent since reaching this year's high on January 15. There was no loser among the measure's sub-indices, although the materials and common staples sectors were flat.
The country's second telecoms operator, du climbed over three per cent to Dh6.46 followed by Shuaa Capital, which advanced 2.5 per cent to Dh6.51 after it bought 20 per cent of brokerage services company Orion Holding Overseas SA. This would boost Orion's markets in Kuwait, Egypt, Jordan and Turkey, among others.
The Dh193-million ($53 million) purchase includes controlling stakes in five Orion Brokers' subsidiaries, said Shuaa, the country's biggest investment bank, in a statement. The move is also seen to boost Shuaa's securities trading capabilities to eight markets from the previous three.
Dubai-based Orion, which employs over 300 people to provide brokerage and clearing services, plans to shift offices to the tax-free Dubai International Financial Centre. It also has units in Switzerland, Saudi Arabia and Syria. Source
DFM, whose shares value reached over Dh1 billion, has slumped 10 per cent since reaching this year's high on January 15. There was no loser among the measure's sub-indices, although the materials and common staples sectors were flat.
The country's second telecoms operator, du climbed over three per cent to Dh6.46 followed by Shuaa Capital, which advanced 2.5 per cent to Dh6.51 after it bought 20 per cent of brokerage services company Orion Holding Overseas SA. This would boost Orion's markets in Kuwait, Egypt, Jordan and Turkey, among others.
The Dh193-million ($53 million) purchase includes controlling stakes in five Orion Brokers' subsidiaries, said Shuaa, the country's biggest investment bank, in a statement. The move is also seen to boost Shuaa's securities trading capabilities to eight markets from the previous three.
Dubai-based Orion, which employs over 300 people to provide brokerage and clearing services, plans to shift offices to the tax-free Dubai International Financial Centre. It also has units in Switzerland, Saudi Arabia and Syria. Source
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