Likely to end higher as realty, financials lead gains
Dubai Financial Market (DFM), after opening at a low, rose in mid-session on average buoyancy though some corporate earnings announcements were disappointing.
At 12.05 pm, the benchmark index was at 1,743.80, up 11.3 points or 0.65 per cent, showing an uptrend.
Banking and realty sectors led the buoyancy with Emaar gaining 0.53 per cent Dh3.80. Though the realty major reported lower Q3 profit, the stock started looking as analysts remained bullish on its next quarter results.
Major gainers included Emaar Properties (up 0.53 per cent), Drake and Scull International (up 0.92 per cent), Arabtec (up 0.90 per cent), Deyaar (up 1.23 per cent), DFM's own shars (up 1.17 per cent), Takaful Emarat (up 2.96 per cent), Dubai Islamic Insurance (up 2.91 per cent), among others.
Global property developer Emaar Properties, having the highest weightings on the index, had announced on Wednesday that its net operating profit for Q3 reached Dh687 million ($187 million), which is at similar level as the profit for the Q3 last year.
The net operating profits of Dh2.343 billion ($638 million) during the first nine months of 2010, are also up 67 per cent compared to the same period in 2009, the company announced.
Dubai Insurance Company on Thursday announced a profit of Dh3.9 million for the Q3, down from Dh5.6 million in the same period last year. Profit for the nine months of this year also dipped to Dh27.5 million from Dh23.2 million in the same period last year, as per the statement posted on DFM website.
DP World's shares are trading slightly low by 1.50 per cent, while Gulf Navigation's stocks are up 1.96 per cent.
Abu Dhabi Securities Exchange (ADX) was also down marginally by 1.21 point.
© Emirates 24|7 2010
