DFM and ADX rise for second consecutive day

DUBAI - UAE stocks have sustained good valuations after big declines this month, prompting shares to advance for the second consecutive day on Tuesday. The Dubai Financial Market (DFM) General Index added 0.1 per cent to close at 5,014.81 while the Abu Dhabi Securities Market (ADX) General Index climbed 0.2 per cent at 4,565.84.



By A Staff Reporter (UAE Stock Markets)

Published: Wed 20 Aug 2008, 11:09 PM

Last updated: Sun 5 Apr 2015, 11:55 AM

DFM Co, Ajman Bank, which debuted on the Dubai bourse in June, and National Central Cooling Co, a UAE-based refrigeration firm known as Tabreed, jumped one per cent each to Dh4.01, Dh3.08 and Dh2.06 respectively.

The only Gulf Arab stock exchange to sell its shares to the public, DFM Co was down to its cheapest value at 21.36 times its earnings on August 11, according to a Bloomberg report.

The report also said that markets in the Gulf region are "slowly heading into consolidation period" as investors pick up stocks with good valuations, quoting Mohamed Alami, a senior trader at Naeem Shares & Bonds, in Dubai.

The largest publicly traded real-estate developer in the Middle East and Africa, Emaar Properties, dropped 0.4 per cent to Dh9.74 while the UAE-based mortgage lender Tamweel, whose former chief is under investigation over allegations of embezzlement, slumped 0.3 per cent to Dh6.05.

About 156.4 million shares valued at Dh526.6 million traded on DFM, which had 11 companies that advanced, 13 declined and eight that remained unchanged. Shares value on ADX reached Dh555.2 million.

Oman & Emirates Investment Holding Co topped ADX with a surge of 10 per cent to Dh3.85 while Aldar Properties gained 0.5 per cent to Dh10.70. Sorouh Real Estate dropped 1.4 per cent to Dh7.85.

Aldar, Abu Dhabi's biggest real-estate developer, said it plans to restrict resale of its properties to discourage speculative investment. It will implement the changes in October and November, when its new apartments and villas go on sale.

DP World, meanwhile, increased 1.2 per cent to $0.83 on the Dubai International Financial Exchange. The Dubai-based state-owned company is the fourth-largest marine port operator in the world.

jose@khaleejtimes.com


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