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Leading UAE indices gain
DUBAI — The two leading UAE bourses advanced yesterday, following several days of retreat. The Dubai Financial Market (DFM) General Index advanced for the first time in five days. It rose 0.2 per cent to 3.665.54 with 13 stocks rising, five declining and four unchanged.
Amlak, the UAE's largest home-finance provider, and its parent company, Emaar Properties, both advanced. Shares of Amlak jumped 2.5 per cent to Dh2.83, after losing 12 per cent since March 29, when the company announced that the UAE had rejected its application for a banking licence. However, yesterday a company statement posted on the DFM said that it had not received an official reply regarding the application.
The expectation among investors that a banking licence could still be granted has been cited as a reason for the share price gain. Emaar Properties, the largest publicly traded real-estate company in the UAE, picked up 0.9 per cent to Dh10.95.
Other big movers on the DFM are: Arab Insurance Group, Dubai Islamic Insurance, Gulf General Investments, Tamweel and Tabreed. Arab Insurance Group jumped 3.7 per cent to Dh2.8; Dubai Islamic Insurance rose 3.4 per cent to Dh15 and Gulf General Investments, a UAE investor in real estate and industrial projects, fell 2.9 per cent to Dh5.63. Yesterday the company's shares fell4.5 per cent.
Tamweel, a UAE mortgage provider, climbed 5 per cent to Dh3.53. Tabreed, the UAE's largest district cooling service provider, rose 1.6 per cent to Dh1.88.
The Abu Dhabi Securities Market (ADSM) Index gained 0.8 per cent to 2,862.26. The real estate index made the biggest advance, with a 3.3 per cent jump. The banks and financial services index was up 2.3 per cent.
Abu Dhabi Commercial Bank jumped 7.5 per cent to Dh5.75. The UAE's second largest bank agreed to set a $150 million private equity fund with Kuwait finance & Investment Company.
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