Financial, investment sectors power Dubai bourse in 2013

DUBAI INDEX FALLS FOR SECOND DAY ON PROFIT- TAKING, WHILE BANK SHARES LIFT ABU DHABI

Seven out of the nine sectors on the Dubai Financial Market ended in the green last year, with the financial and investment services sector increasing the most by 169.2 per cent, followed by the banking, real estate and construction sectors by 120.6 per cent, and 108.2 per cent respectively, according to DFM’s latest report.

The consumer staples sector index ended down 9.9 per cent and the Insurance sector index was down 7.2 per cent.

On the other hand, the value of stocks bought by institutional investors in 2013 reached Dh38.3 billion comprising 24 per cent of the traded value. The value of stocks sold by institutional investors reached Dh37.5 billion, which constitutes 23.5 per cent of the value traded.

Net institutional investment inflow into DFM amounted to Dh790.2 million.

Market capitalisation rose 42.7 per cent to Dh259.6 billion compared to Dh181.9 billion in 2012. The value of shares traded during this year reached Dh159.9 billion, compared to Dh48.6 billion, an increase of 229.1 per cent.

The number of shares traded rose 214.3 per cent to 127.2 billion shares compared to 40.5 billion shares traded in 2012.

The number of transactions conducted during 2013 was up 115.3 per cent to 1.3 million compared to 621,400 deals carried out during the previous year.

Daily trade

However, profit taking dragged the Dubai index down for the second straight day yesterday, led by financial and investment shares.

Even though investor sentiment is strong, the main focuses of traders are on the fourthquarter earnings results due to be released beginning next week.

The index fluctuated widely during intra trade and hit a low of 3,405.33 and a high of 3,471.19 before closing down by 1.13 per cent at 3,428.06.

Among the gainers, Interna- tional Financial Advisors rose 6.4 per cent to Dh1.33, followed by Mashreq Bank by 1.15 per cent to Dh88 and Air Arabia by 0.66 per cent to Dh1.53.

National Industries Group suffered the worst by 10 per cent to Dh4.14, followed by Gulf Navigation by 6.87 per cent to Dh0.393 and Depa by 4.23 per cent to $ 0.68 ( Dh2.50).

In 2013, seven out of the nine sectors ended in green, with the financial and investment services sector increasing the most by 169.2 per cent, followed by the banking, real estate and construction sectors by 120.6 per cent, and 108.2 per cent respectively.

The consumer staples sector index down by 9.9 per cent, and the Insurance sector index down by 7.2 per cent.

Abu Dhabi

In Abu Dhabi, bank shares lifted the index for the second straight day this week by 1.65 per cent to close at 4,456. The index has gained for the sixth straight day.

Among the gainers, Fujairah Building Industries rose by 13.33 per cent to Dh1.53, followed by Sharjah Islamic Bank by 11.11 per cent to Dh1.90 and Union Cement by 8.47 per cent to Dh2.05.

Insurance House suffered the worst by 8.45 per cent to Dh1.30, followed by Gulf Cement by 7.93 per cent to Dh1.51 and National Marine Dredging by 7.67 per cent to Dh8.31.