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Dubai trading values hit three-month high |
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8/29/2006 8:29:55 AM |
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Trading values on the Dubai Financial Market hit a three-month high yesterday as more than Dh2.27 billion worth of shares changed hands.
The general index managed to break through the 450-point resistance level, advancing by 2.43 per cent to close at 453.01 points, accumulating gains of 24 per cent since early this month.
Typically, Emaar was the most traded company, accounting for Dh1.44 billion worth of transactions and gaining 3.4 per cent to close at Dh13.70.
Analysts expect the Dh14.70 mark to be the next barrier. However, according to an investment research statement, the fair value of Emaar shares is estimated at Dh18, which fuelled the appetites of many investors.
"Many of the long-forgotten shares are back on the scene, including du and Tamweel, which managed to gather steam in yesterday's session.
"This is an indication that confidence is back, and that the rally by Emaar will spread throughout the undervalued market," an analyst said.
"Despite the narrower range for the Abu Dhabi index, in Dubai we find that the top gainers now seldom touch the upper limit, indicating a more rational buyer, while in Abu Dhabi we still see the top gainers and top losers touching the upper and lower limits," he added.
du's share, which was earlier this year traded above the Dh6 mark, took its first steps towards recovery by gaining 9.3 per cent in the past two sessions to close yesterday at Dh5.53, while Tamweel managed to close above the Dh3 mark.
Shuaa Capital's scrip continued to slide after its earlier gains, and although the board of directors is expected to meet soon to decide on a share buyback programme, many analysts agree that the investment firm will not find that necessary for the time being.
All analysts agree that the driving force behind the market now is not speculation or day trading, but instead systematic purchases targeting the medium and long terms.
In Abu Dhabi, etisalat's rally remained in centre stage, and this kept the Dh19 price steady for the second consecutive day.
The real estate sector also rallied, accounting for about Dh27 million worth of transactions out of a total market trading value of Dh129.72 million.
The National Bank of Abu Dhabi continued its recovery to close at Dh24.30, representing a 1.25 per cent advance, but Abu Dhabi Islamic Bank see-sawed throughout the day amid heavy speculation. The shares lost one per cent to close at Dh68.55.
Abu Dhabi's general index gained 0.25 per cent to close at 3,535.81 points, and analysts expect it to join the recovery trend soon. |
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