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19 March 2024

Which Dubai firm's share price has tripled this year?

Published
By Vicky Kapur

Buoyed by a booming economic growth and the impending MSCI upgrade, Dubai’s stock market index today rose by 116 points, or 2.3 per cent, capping a year-to-date growth of more than 52 per cent in less than four months.

A sharp pick-up in foreign investments in the emirate backed by growing trade and tourism have helped the Dubai index lead the world this year.

The sharp spike in the index in the past two years can be gauged from the fact that it has surged from a six-year low of 1,294.1 points on January 16, 2012, to the current 56-month-high of 5,135 made today, an almost 300 per cent jump in 28 months.

The benchmark DFM Index was among the leading performers globally in 2013, rising 108 per cent, and is again topping the charts this year, up more than 52 per cent already. “DFM has led the best performing exchanges globally during the first quarter of 2014," acknowledges Essa Abdulfattah Kazim, Chairman of Dubai Financial Market.

Dubai Financial Market Company today announced its financial results for the first quarter of the year ending March 31, 2014. Not suprsingly, it recorded net profits of Dh215.1 million, a massive 700 per cent leap compared to Dh27 million during the corresponding period of 2013.

In a media statement announcung the returns, DFM said it has been witnessing thriving activity since the beginning of this year as the trading value has jumped 428.8 per cent during the first quarter of 2014 to Dh110 billion compared to Dh20.8 billion during the corresponding period of 2013. Trading commission is the main source of income for the DFM Company.

Among the top gainers of the rally this year are shares of real estate and financial services companies.

The price of shares of construction major Arabtec Holding rose by more than 10 per cent today, and is up more than 203 per cent year-to-date on the back of a very healthy order book and stellar industry outlook. Arabtec's share price has more tripled from Dh2.87 on January 1, 2014, to Dh8.71 on April 23, 2014, yielding handsome returns for its investors. 

Real estate major Union Properties is up 126 per cent year-to-date and market benchmark Emaar Properties is up 43 per cent so far in 2014 while Deyaar Development is up more than 68 per cent in the same period.

Among banks, shares in Emirates NBD are up almost 56 per cent in 2014 YTD, followed by Mashreq (up 34 per cent YTD), Dubai Islamic Bank (up 28 per cent YTD) and Commercial Bank of Dubai (up 23.4 per cent YTD).

Among investment and financial services firms, Gulf General Investments Company (GGICO) is up 160 per cent so far this year, followed by Dubai Investments (up 76 per cent YTD), Shuaa Capital (up 61 per cent) and DFM’s own listing, which is up almost 54 per cent this year so far.

Last year’s top 10 gainers included Union Properties (up 206 per cent in 2013), Dubai Investments (up 192 per cent), Deyaar Development (up 187 per cent), DIB (up 167 per cent), GGICO (up 150 per cent), DFM (up 142 per cent), Takaful House (up 139 per cent), Emirates NBD (up 123 per cent), Drake & Scull International (up 105 per cent) and Emaar Properties (up 104 per cent).