Tuesday, Jan 14, 2014
Dubai: UAE stocks markets moved in opposite directions on Tuesday as Dubai continued to move higher led by construction and financial shares and Abu Dhabi witnessed sell-offs in consumer staples and services sectors.
Arabtec, the Middle East’s leading engineering and construction company, which won a Dh2.59 billion contract for a mixed use development in Abu Dhabi’s Al Reem Island, was among the top five active stocks in terms of turnover, advancing 5.46 per cent to Dh3.09.
Other active stocks, which closed in the positive, included Gulf Finance House, surging 14.86 per cent to Dh0.765. Union Properties continued to make gains, rising 1.46 per cent to Dh1.39. Drake and Scull International and Emaar Properties saw profit taking, losing 2.44 per cent and 0.38 per cent respectively.
Dubai’s benchmark stock index rose 0.52 per cent to close at 3568.41 with the volume of shares traded soaring by 71.31 per cent to Dh2.09 billion, which was valued at Dh2.66 billion. In Abu Dhabi, the measure fell 0.34 per cent to end at 4,442.19. The total volume of shares traded stood at 769.03 million, down from Monday’s 880.76 million and was valued at Dh1.37 billion. The most active stocks in terms of turnover had a mixed day. Rak Properties was up 1.68 per cent, Eshraq and Aldar were down 0.43 per cent and 0.34 per cent respectively, while Dana Gas remained unchanged.
Ras Al Khaimah Poultry and Feeding Company (Rapco), Union Cement, Abu Dhabi National Hotels were the top three losers, declining 7.41 per cent, 6.67 per cent and 6.25 per cent respectively.
By Gaurav Ghose Financial Features Editor
Gulf News 2014. All rights reserved.
