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Dubai shares recover as ADSM ends four-day gain

The investment sector paced the Dubai Financial Market (DFM) General Index with a rise of 1.4 per cent to close at 8,697.41 followed by the telecommunications sector, which climbed one per cent at 1,040.45 points.

With shares value amounting to Dh1.6 billion, DFM saw 7,921 trades from 25 companies. Fifteen of these companies had gained while five had declined and another five were unchanged.

Bahrain-based Gulf Finance House, a regional player in Islamic investment and commercial banking, topped DFM with a jump of 5.6 per cent to Dh15.10 while Emirates Integrated Telecommunications Co, also known as du, advanced one per cent to Dh6.43.

du, the UAE's second telecoms operator, yesterday signed a connection agreement with Reliance Communications Ltd, India's second-biggest mobile-phone firm. The agreement will offer du customers faster connections and access to new technologies and data, the company said in a statement.

Property developer Deyaar Development and DFM Co, the only publicly traded stock exchange in the Middle East, were also big gainers. Deyaar rose three per cent to Dh2.75 while DFM Co increased 2.3 per cent to Dh6.33.

Oman & Emirates Investment Holding Co was the biggest loser on ADSM, dropping 38.9 points to Dh4.75 while real-estate developer Aldar Properties declined one per cent to Dh11.65.

ADSM will soon list Al Salam Bank BSC, the Bahrain-based Islamic bank, which also plans to list its shares on DFM. The bank said it received approval from the Emirates Securities and Commodities Authority for its shares to trade on ADSM.