Markets Update: Dubai's stock-market extended gains yesterday, after an aggressive rally the day before, as investors made bets that the emirate's bourse will report strong earnings in the first quarter.
DFM stock up on flat index
Expectations that bumper profits are on the way led share prices of Dubai's publicly traded stock market company to continue gains yesterday, after an aggressive rally the day before.
Dubai Financial Market Company rose 4 per cent to Dh1.24 a share. The shares surged 14.4 per cent on Sunday. Traded value reached Dh673 million yesterday, a 2,154 per cent increase from the start of the year.
"This stock has high correlation with the overall market and would benefit from increasing participation in a rising market," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
Dubai's benchmark, the Dubai Financial Market General Index, ended flat amid profit-taking after rising 3 per cent on Sunday, closing at 1,754.27.
The Abu Dhabi Securities Exchange General Index slipped 0.5 per cent lower to 2,627.19, with stocks based in Ras Al Khaimah gaining.
Ras Al Khaimah Cement added 1.2 per cent to 81 fils a share on the exchange. RAK Properties added 2.2 per cent to 45 fils.
Elsewhere in the region, Kuwait's measure lost 0.1 per cent to 6,180.40. Bahrain's measure was little changed at 1,148.67. Oman's MSM 30 Index added 0.3 per cent to 5,868.79.
Qatar's QE Index lost 0.2 per cent to 8,722.80. The Saudi Tadawul All-Share Index lost 0.1 per cent to 7,342.80.