Dubai stocks rise most in a week

Monday, Nov 11, 2013

Dubai: After a lack lustre week, Dubai stocks started the week on a positive note as volumes rose amid investors’ expectations that the emirate may likely win the Expo 2020 bid later this month.

The DFM General Index rose the most in a week, closing 0.17 per cent higher to 2,903.30. Volumes increased to Dh631.93 million shares from Thursday’s 516.86 million. The turnover was up 60.35 per cent to Dh785.91 million.

In Abu Dhabi, the stock benchmark ADX Securities Index was down 0.14 per cent to Dh3,846.47. Total volume stood at 246.41 million shares, which were worth Dh435.12 million.

“With results largely out of the way, it’s now wait and see approach with all eyes on the Expo 2020 announcement,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi. Also, expect global events to drive markets in the near term, he said.

Majority of stocks in Dubai, which has bid for the Expo 2020 and which will be decided on November 27, gained. Of the 29 stocks traded, 16 advanced, 11 retreated and two remained unchanged. Drake and Scull International was the most active stock in terms of value traded — Dh279.59 million — and jumped 5.65 per cent to Dh1.31. Emaar Properties rose 0.33 per cent to Dh48.64 million.

Among the top five most active stocks, Arabtec lost 0.37 per cent to Dh2.68 and Gulf Finance House declined 0.68 per cent to Dh0.587.

In the capital, Aldar Properties, among the top five active stocks, fell 1.12 per cent to Dh2.64. Dana Gas declined 1.52 per cent to Dh0.65.

By Gaurav Ghose Financial Features Editor