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UAE stocks gain on US rate cuts |
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5/2/2008 9:36:47 AM |
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A cut in benchmark lending rates on Thursday following the US Fed action and healthy corporate earnings of various companies in the past few days led the UAE stock indices, the Dubai Financial Market General Index (DFMGI) Abu Dhabi Securities Market Index (ADSMI) to gain 1.2 per cent and 0.36 per cent respectively over last week.
Over Wednesday, the Dubai market, helped by 37 per cent rise in the net income Emirates NBD, rose 1.36 per cent to 5,815.53. The Emirates NBD, the largest Gulf bank by assets, announced that its income rose to Dh1.2 billion boosted by a high demand for loan in a rapidly expanding economy.
The Abu Dhabi index advanced 0.72 per cent to close at 5,024.85. Abu Dhabi Ship Building (ADSB) led the gainers, its biggest one day jump since March 2006, after it announced that its first quarter net income had grown fivefold to Dh26.7 million from the same period last year. Abu Dhabi Aviation, the second highest gainer, added 9.67 per cent on the day to Dh5.00.
However, poor results of a few companies such as Abu Dhabi National Takaful, which saw its first quarter net income drop 74 per cent to Dh1.7 million and Abu Dhabi National Hotels whose income just rose one per cent to Dh136.4 million put them in the decliners list.
Of the 49 traded stocks in Abu Dhabi, 31 went up, 16 went down and two remained flat.
In Dubai Financial Market, the top three gainers were Dubai Islamic Insurance and Reinsurance, Gulf navigation and Al Mazaya Holdings, up 5.58 per cent, 4.38 per cent and 4.35 per cent respectively.
Deyaar development had a mixed week, up 3.1 per cent over Wednesday to close at Dh2.32.
The statement of the chairman of the third biggest publicly traded company about the ongoing investigations into alleged fraud might have helped to soothe the sentiments of the investors.
Of the 27 traded stocks, 20 advanced, 4 declined and 3 remained unchanged. |
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Source: Gulfnews.com |
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