Dubai shares recover as ADSM ends two-day gains

DUBAI — The Dubai bourse recovered yesterday, rising 0.6 per cent to close at 5,742.16, with Dubai Investments and Arabtec Holding among the gainers. Shares in Abu Dhabi dropped 0.2 per cent at 5,006.45 points, ending a two-day advance.

By A Staff Reporter

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Published: Fri 25 Apr 2008, 10:43 AM

Last updated: Sun 5 Apr 2015, 11:43 AM

A diversified company holding stakes in at least 40 companies, Dubai Investments climbed 0.2 per cent to Dh4.32 after a decision at an annual general meeting Wednesday night to distribute 10 free shares for every 100 held instead of paying cash.

Shareholders disapproved the distribution of dividend at 10 per cent as proposed by the board of directors, which was re-elected for the coming year.

Arabtec, which is constructing the world’s tallest tower Burj Dubai, posted a record close of 1.3 per cent to Dh15.65 after it won a contract to build a Dh9.4-billion ($2.56 billion) headquarters of OAO Gazprom Neft in St Petersburg.

The Dubai-based contractor Depa Ltd slumped 1.3 per cent to $1.51 while DP World, an international ports operator owned by the Dubai government, was flat at $1.05 on the Dubai International Financial Exchange. Depa, which is fitting out Burj Dubai, began trading on Wednesday.

Abu Dhabi Commercial Bank (ADCB) had a slide of 1.3 per cent to Dh7.09 on the Abu Dhabi Securities Market Index. The third-biggest bank in the UAE by assets, ADCB has grown 9.6 per cent this month.

Abu Dhabi’s biggest developer by market value, Aldar Properties, gained 3.1 per cent to Dh11.80. Its first-quarter net income surged to Dh1.37 billion, or more than triple of the profit a year ago, on increased sales.

Abu Dhabi National Co for Building and Materials advanced 1.8 per cent to Dh3.90, as it reported a 13-per cent rise in net income for the first three months to Dh16.2 million. The company is a supplier of steel, cement, stones and hardware to construction companies.

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