DFM and ADSM stage strong rally

DUBAI — UAE bourses were bullish yesterday, staging a strong rally as they opened weekly trading that, according to traders, boosted confidence among foreign investors.

By A Staff Reporter (UAE STOCK)

Published: Mon 28 May 2007, 8:50 AM

Last updated: Sat 4 Apr 2015, 8:38 PM

Mohamed Radwan, institutional sales trader at Delta Securities, was quoted by Reuters as saying that there were many common investors in the markets. "When the markets around you are going up, there is more confidence," he added.

Paced by Islamic Arab Insurance (IAIC) and Aramex, the Dubai Financial Market (DFM) General Index rose 3.33 per cent to 4,480.80 points, closing higher for a fourth trading day. The number of traded shares reached over one billion, with a total value of some Dh3.8 billion.

The Abu Dhabi Securities Market (ADSM) Index jumped 4.4 per cent to 3,634.93 points, posting its biggest one-day rally in more than a year.

On Thursday, both bourses closed the week by continuing their rise together for the third consecutive day, each gaining almost 2 per cent.

IAIC jumped 10 per cent to Dh3.46 while Aramex rose 9.5 per cent to Dh2.66.

The other big gainers were Gulf Navigation Holding with a jump of 8 per cent to Dh1.24, Amlak Finance with a rise of 4 per cent to Dh3.73, and Dubai Islamic Bank with an increase of 6.4 per cent to Dh9.97.

Global Investment House was the biggest loser in the bullish Dubai benchmark, falling 8.2 per cent to Dh10.10. Another loser was Commercial Bank of Dubai, which dropped 1.2 per cent to Dh8.20.

United Arab Bank and National Bank of Fujairah led ADSM's main index, rising 10 per cent each to Dh6.42 and Dh3.54, respectively. The other big winners were Emirates Driving Co. with a rise of 9.6 per cent to Dh2.87 and A'bar Company for Petroleum Investment with a gain of 9.15 per cent to Dh3.12.

National Bank of Abu Dhabi jumped 9.2 per cent to Dh23.30, National Bank of Umm Al Quwain rose 9 per cent to Dh4.80, and Arkan Building increased 8.4 per cent to Dh1.44.

The major losers were Al Wathbah National Insurance Co. with a drop of 10 per cent to Dh5.41 and Ras Al Khaimah Poultry & Feeding Co. with a fall of 9.7 per cent to Dh3.91.

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