Dubai stocks recover with 1.4 per cent rise

DUBAI — Shares in Dubai managed to recover and see new gains yesterday while those in Abu Dhabi extended their losses. The Dubai bourse jumped 70.43 points or 1.4 per cent to close at 5,192.20 while Abu Dhabi's main index fell 1.32 per cent to 4,213.49.

By A Staff Reporter

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Published: Wed 31 Oct 2007, 8:29 AM

Last updated: Sat 4 Apr 2015, 11:31 PM

Save for the common staples sector, which remained flat, all other sectors had advanced on the Dubai Financial Market (DFM) General Index, whose value of volume of shares amounted to almost Dh3 billion.

The investment sector gained 157.58 points or 2.13 per cent to close at 7,547.13 followed by the banking sector, which advanced 1.6 per cent to 3,127.04 and the insurance sector with an increase of 1.3 per cent to 4,675.17.

International Financial Advisers gained 14.5 per cent from Dh9.30 to Dh10.65, leading all other DFM listed companies, followed by property financier Tamweel, which climbed 5.63 per cent to Dh5.81 after an opening price of Dh5.60.

There were only two declining companies — Arabtec Holding, which slumped five per cent to Dh8.39, and the regional player in Islamic investment and commercial banking, Gulf Finance House, which slipped 1.5 per cent to Dh9.95.

In Abu Dhabi, the consumer sector fell 3.1 per cent to 1,741.96 while the industrial sector dropped three per cent to 2,320.41 and the telecommunications sector slid 2.5 per cent to 3,112.91.

Abu Dhabi Islamic Bank trailed all other companies listed on the Abu Dhabi Securities Market (ADSM) Index with a drop of 1.8 per cent to Dh65.40 while the UAE's first telecom operator, Etisalat, slid 0.6 per cent to Dh21.85.

The biggest gainer was QTel, Qatar's exclusive telecom provider, with a jump of 18 per cent to Dh230.50.

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