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Dubai, Abu Dhabi shares gain almost 2pc
DUBAI — The Dubai and Abu Dhabi equities continued to rise together for the third consecutive day, each gaining almost 2 per cent, as they closed a week of trading yesterday.
Shares in the Dubai Financial Market (DFM) General Index advanced 1.61 per cent to 4,336.20 points while the Abu Dhabi Securities Market (ADSM) Index jumped 1.86 per cent to 3,482.20, bringing to 5.4 per cent its winning streak for one week. On Wednesday, ADSM advanced 2.1 per cent to 3,418.71. International Financial Advisers maintained its lead in the Dubai main index for the second straight day, gaining 14.3 per cent to Dh10. It jumped 14.4 per cent to Dh8.75 on Wednesday. The other big winners included Tabreed, which surged 6.2 per cent to Dh2.76; Union Properties, which gained 5.53 per cent to Dh3.05; du, UAE's second largest telecom company, which advanced 3.7 per cent to Dh5.36; and Arab Insurance Group, which rose 3.33 per cent to Dh3.10.
National Cement Co. fell 3 per cent to Dh8.71, Commercial Bank of Dubai dropped 1 per cent to Dh8.30, and Tamweel declined 0.5 per cent to Dh4.33. On Wednesday, Tamweel gained 3 per cent to Dh4.35. Ras Al Khaimah Poultry & Feeding Co. led the winners in the Abu Dhabi benchmark with a jump of 10 per cent to Dh4.34. Emirates Insurance Co. climbed 9.22 per cent to Dh10.90, and Abu Dhabi National Energy Co. rose 7.1 per cent to Dh2.47.
Finance House Co. fell 6 per cent to Dh8.30, International Fish Farming Co. dropped 4 per cent to Dh6.22, and Abu Dhabi Aviation Co. decreased 4 per cent to Dh2.25. There were increases in all indices on the ADSM.
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