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UAE bourses start weekly trading in upbeat mood

DUBAI — Shares in the UAE markets were buoyant yesterday at the start of weekly trading. With Public Warehousing Co. (WARE) and Gulf Finance House (GFH) as top gainers, the main index in Dubai rose 1.11 per cent to 4,534.46. Abu Dhabi's general benchmark gained 0.81 per cent to 3,646.53.

The materials and common staples' indices on the Dubai Financial Market (DFM) General Index remained flat while the rest grew between 0.19 per cent to 834.95 (telecommunication) and 1.89 per cent to 714.32 (transportation).

WARE, a Kuwaiti-based provider of quality warehousing and supply chain services, jumped 12.5 per cent to Dh24.75. Its value of total traded shares amounted to Dh203.17 million. GFH, a regional leader in Islamic investment and commercial banking, rose 4.76 per cent to Dh8.80.

The other big gainers were Dubai Islamic Bank, which climbed 3.96 per cent to Dh10.50; Gulf Navigation Holding, the leading shipping and marine services company in the region, which increased 2.98 per cent to Dh1.38; and Tamweel, which rose 2.47 per cent to Dh4.56.

Mashreq Bank, whose shareholders' equity as of end-2006 totaled $2.01 billion, fell 4.98 per cent to Dh184.80 while Global Investment House dropped 3.94 per cent to Dh10.95.

Ras Al Khaimah Ceramics Co., whose total assets stood at Dh1.79 billion in 2004, jumped 9.4 per cent to Dh5.47, leading all other companies listed on the Abu Dhabi Securities Market (ADSM) Index. Fujairah Cement Industries Co. rose 6.1 per cent to Dh4.88, Union Insurance Co. gained 4 per cent to Dh2.08, and Emirates Driving Co. increased 3.5 per cent to Dh3.25.

Dana Gas gained 1.2 per cent to Dh1.69.