Gulf News

Emaar slump prompts UAE investors to diversify portfolios

Dubai and Abu Dhabi bourses continue healthy recovery

- BY AHMED A. ELEWA Staff Reporter

UAE stocks continued their recovery with indices in Dubai and Abu Dhabi recording gains.

In Dubai the general index advanced by 1.2 per cent to 3,876.31 on healthy volumes with more than Dh1 billion worth of shares changing hands.

Dubai Islamic Bank (DIB) maintained its upward trend, gaining 2.15 per cent to close at Dh7.61.

With Emaar Properties losing its leading rank for the past three sessions, investors in Dubai seem to be healthily diversifyi­ng their portfolios.

“Emaar is a blue chip, and should be that way, but the problem in the past that it represente­d the market as a whole, which was very unhealthy. If this trend continues, Dubai Financial Market (DFM) will become much stronger,” said Abdul Rahman, an analyst at Amanah Capital.

DFM’s shares recovered substantia­lly, gaining 5 per cent to close at Dh2.31, a case that was obvious with all the shares of small value, with the exception of Gulf Navigation, which has been lingering around its Dh1 nominal value for a while.

In Abu Dhabi, the general index advanced by 0.85 per cent to 2,997.73, approachin­g strongly the 3,000 mark.

Dana Gas and Arkan led the rally yesterday gaining 3.6 and 0.84 per cent to close at Dh1.44 and Dh1.20 respective­ly, while etisalat continued its climb.

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