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DFM, ADX rise 0.5 per cent each; Tamweel ends losses
DUBAI — UAE shares on Monday recovered as investors speculated some stocks were at a two-year low. The Dubai and Abu Dhabi bourses added 0.5 per cent each to close at 5,012.31 and 4,558.04 points respectively, with Tamweel advancing after a record fall on Sunday.
Tamweel, a Shariah-compliant mortgage provider, gained for the first time in three days with a surge of 3.6 per cent to Dh6.07. It plunged 4.1 per cent to Dh5.86 the previous day as investors dumped the stock over allegations that its former chief executive had embezzled and is being investigated by the Dubai prosecution office.
Ajman Bank, which debuted on the Dubai Financial Market (DFM) in June, was also a big gainer with a climb of over three per cent to Dh3.05 while the biggest publicly traded real estate developer in the Middle East and Africa, Emaar Properties, added 0.9 per cent to Dh9.78.
UAE's budget carrier Air Arabia grew 0.6 per cent to Dh1.58 after it won the 2008 World Airline Award for "Best Low-Cost Airline in the Middle East" for the second year straight. The award given by the British aviation consultancy firm Skytrax was based on a survey conducted on 4.4 million passengers comprising 90 nationalities.
"The buying is a normal reaction to the sharp drops across the region," said Amro Motasim, the head broker at Al Ahli Bank of Qatar, in a Bloomberg report. The report noted good valuations in some areas in the Gulf after declines this month made equities in some markets drop to their lowest prices since 2006.
Aldar Properties, Abu Dhabi's largest real-estate developer by market value, increased 2.4 per cent to Dh10.60 on the Abu Dhabi Securities Market General Index while two banks were among the biggest gainers.
Commercial Bank International rose over six per cent to Dh3 and First Gulf Bank, the Abu Dhabi-based lender controlled by the emirate's ruling family, surged 3.3 per cent to Dh23.70.
jose@khaleejtimes.com
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