Dubai shares gain as bargain hunters return

Dubai’s bourse halted three sessions decline to close 0.78 per cent higher at 1,505.02 as bargain hunters returned to the floor. Among the gainers, Ekttitab rose 4.64 per cent to close at Dh0.879, followed by Dubai Investment by 1.85 per cent to Dh0.717 and Emaar by 1.58 per cent to Dh3.21. Among the losers, Depa fell 5.26 per cent to $0.360, followed by DP World by 3.74 per cent to $10.30 and Dartakaful by 2.66 per cent to Dh0.548.. Of the 24 companies traded, 12 rose, five declined and seven remained unchanged. About 44.95 million shares worth Dh73.42 million were traded yesterday. DFM index has surged 11.20 per cent so far this year and rose 3.66 per cent for the month. Investors are focusing on international economic developments as “volume is weak in our markets, which are suffering from [the] Ramadan syndrome,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. Abu Dhabi: The Abu Dhabi Securities market (ADX) index fell 0.20 per cent to close at 2,464.49 points. Real estate, investment and financial services, and energy sectors dragged the index down. Of the 26 companies traded, five rose, 12 declined and nine closed unchanged. About 23 million shares worth Dh35.33 million were traded yesterday. Among the gainers, National Corp for Tourism and Hotels rose 7.91 per cent to close at Dh0.44, followed by Ras Al Khaimah Cement Company by 1.52 per cent to Dh0.01, and Abu Dhabi Islamic Bank by 0.65 per cent to Dh0.02. Among the losers, United Arab Bank lost 10 per cent to Dh0.31, followed by Watania by 9.40 per cent to Dh0.11 and Ras Al Khaimah Ceramic by 2.78 per cent to Dh0.03. ADX index has surged 2.59 per cent so far this year and rose 0.69 per cent for the month. “Investors are optimistic about corporate profits, which so far from the banking sector have been better than expected,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. From gulfnews