Tuesday, Mar 12, 2013
Dubai
The Kuwaiti company Hits Telecom was the most actively traded stock in Dubai yesterday and was among the top five gainers, as major local stocks declined. The Dubai measure, however added 0.46 per cent to close at 1938.91.
Listed on both Dubai and Kuwait, the telecom operator jumped 8.72 per cent to close at Dh0.86 with 35.88 million shares traded on the day.
Amid the recent highs and after reaching a fresh one year high on Monday, Emaar Properties witnessed some selling with some investors seeing it as an opportune day for profit taking. The region’s biggest real estate developer slipped 0.18 per cent to end at Dh5.64.
Arabtec also dropped 0.48 per cent to Dh2.08. The company, Reuters reported, will buy the remaining 40 per cent stake in Target Engineering to move into oil and gas construction business.
Union Properties, Tamweel, Tabreed and Aramex were among the other major losers.
Abu Dhabi
The Abu Dhabi benchmark index extended gains as it rose marginally yesterday on the back of financial and telecom stocks advancing.
The Abu Dhabi Securities General Index climbed 0.36 per cent to end at 3003.76 on a turnover of Dh181.64 million, which was a jump of about 31.13 per cent from the previous session.
Among the major stocks which gained were First Gulf Bank, up 1.17 per cent to Dh13; Waha Capital, rising 1.32 per cent to Dh0.77 and etisalat, which advanced 0.49 per cent to Dh10.20. Waha Capital had recommended 6 per cent dividend late on Monday.
Eshraq Properties, which has remained among the top traded stocks for a while now, also rose 1.64 per cent to end at Dh0.62.
The list of stocks that declined included Aldar Properties and Sorouh Real Estate and Dana Gas. The two real estate majors declined 2.76 per cent and 2.27 per cent respectively. Dana Gas fell 2.04 per cent to Dh1.72.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
