Monday, Jun 11, 2012
Dubai: The Dubai Financial Market (DFM) index closed in the positive territory yesterday buoyed by a 100 billion euro bailout for Spain on Saturday by Euro member countries to help it rescue its banking sector as well as due to surge in global oil prices whose exports is a major contributor to the regions economies.
The day saw a huge improvement in the volume and value of shares traded on the market due to a lesser risk aversion among investors. Analysts say its the right time to pick some attractively-valued stocks on the market, many of which are currently trading close to their historic lows.
The DFM index closed at 1,483, up 1.09 per cent. Around 223.78 million shares, cumulatively worth about Dh222.50 million were traded on the stock market.
Shares of real estate major Emaar, cumulatively valued at around Dh22.46 million were traded on the market yesterday, its stock closing 0.7 per cent higher at Dh2.88.
Of the 28 company stocks traded yesterday, as many as 21 rose, while 3 fell and 4 closed unchanged. The days top gainer was Salama, its shares closing 7.19 per cent higher at Dh0.686. Real estate company Union Properties was the days main loser, its shares dropped 2.18 per cent to close at Dh0.403.
Shares of Tamweel were the most traded by value and volume on the Dubai market yesterday.
Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) general index rose 0.36 per cent yesterday amid improved volume of trade on the market as risk aversion among investors fell on the back of Euro zones 100 billion bailout package for Spain and improvement in global oil prices.
Analysts say the market will trade in a range until greater clarity emerges on how Greeces sovereign debt situation will be handled by Europe and the outcome of its elections due on June 17.
The ADX general index closed yesterday at 2,463.38, the rise being led by investment and financial services stocks and real estate. Blue chip real estate stocks such as Aldar Properties and Sorouh Real Estate rose, almost by a per cent each.
Yesterday, around 82.61 million shares cumulatively worth about Dh102.72 million were traded on the Abu Dhabi stock market. Of the 29 company stocks traded, as many as 20 advanced, while 6 declined and 3 closed unchanged.
The potential merger between Aldar and Sorouh also remains a catalyst for the market.
The stock of Aldar closed yesterday 0.88 per cent higher at Dh1.05. About 17.32 million shares of Aldar cumulatively worth about Dh18.43 million changed hands on the market.
The top gainer on the Abu Dhabi market yesterday was United Arab Bank, its shares rising 10 per cent to Dh3.30 by the close of trading. Finance House was the days top loser, its stock closing 3.23 per cent lower lower at Dh3.
The shares of Sorouh were the most traded in terms of value and volume on the Abu Dhabi market yesterday.
By Himendra Mohan Kumar, Staff Reporter
Gulf News 2012. All rights reserved.
