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30 May 2023

Realty and banking shares lift Dubai bourse

By Parag Deulgaonkar


The Dubai bourse rose for the second day on back of renewed interest in real estate and banking scrips.

The Dubai Financial Market General Index jumped 1.42 per cent to end at 6088.66 points, against Wednesday’s close of 6003.35 points.

Amlak Finance gained 4.54 per cent, as the scrip rose to touch a 52-week high of Dh5.56, before closing lower at Dh5.52. Volumes jumped more than 150 per cent on the counter, as 124 million shares worth Dh676 million were exchanged. The company said on Wednesday it is in talks to sell a minority stake in its Egyptian unit to the World Bank’s International Finance Corporation.

Emaar Properties went up marginally by 0.98 per cent to Dh15.35, as more than 29 million shares worth Dh452m were traded. The share has seen an upward movement since analysts forecast it has been trading far below its fair value. Cairo-based investment bank EFG Hermes recently put its long-term fair value at Dh20.4 per share.

Union Properties rose 2.31 per cent to end the day at Dh7.03. More than 18.7 million shares worth Dh98m were traded, compared to 9.7 million shares worth Dh50.8m on Wednesday. 

Shares of Dubai Investments rose 3.99 per cent to Dh5.73 after a newspaper quoted its chief executive as saying the firm’s 2007 profit grew up to 40 per cent.

Dubai Investments fourth-quarter profit would be about Dh320m, Khalid bin Kalban’s said, beating a Dh140m forecast by EFG-Hermes in a Reuters survey last month. Tamweel surged 2.03 per cent to Dh7.03, while Arabtec jumped 1.81 per cent to Dh9.56.

“The market expects companies to report a good full-year [2007] result. Even chances of firms announcing bonus shares are not being ruled out,” Sherif Abdul Khalek, dealing room manager, Al Futtaim HC Securities, told Emirates Business.

Du failed to hold on to its early gains and closed 0.91 per cent lower at Dh7.60. More than 11 million shares worth Dh85.8m were traded in 660 deals. It expects to get nearly 30 per cent market share by 2008-end, a year ahead of schedule, and will make a decision on its financing needs by year-end, Chief Executive Officer Osman Sultan said. Overall, 818 million shares worth Dh3.3 billion were traded in 17,081 deals, as 22 scrips advanced and five declined.

Al Mazaya Holding, which closed flat at Dh10.25 on Wednesday, declined 13.17 per cent to finish at Dh8.90. The counter saw 21,498 shares worth Dh195,004 traded in seven deals. In December, the real estate developer launched Al Badia Residential Project in Oman, with a special focus on Sohar.

Meanwhile, energy scrips helped Abu Dhabi Securities Market in its forward march. The general index rose 0.95 per cent to 4671.01 points.

Taqa gained 7.20 per cent to end the day Dh3.87, as 79.1 million shares worth Dh306m were traded. Sharjah-based Dana Gas rose 4.76 per cent to Dh2.42. The counter witnessed over 262 million shares worth Dh633m changing hands. Energy scrips have gained after crude prices crossed the $100-mark on Wednesday. More than 1.03 billion shares worth Dh3.2bn changed hands, while 32 scrips advanced and 11 declined.