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ADSM, DFM shares make major gains

DUBAI — The UAE markets made substantial gains yesterday, with shares in Dubai rising 42.66 points, or 1 per cent, to close at 4,288.22 and those in Abu Dhabi jumping 43.95 points, or 1.22 per cent, to 3,656.35.

The utilities sector had the biggest jump of over 286 points, or at least 7 per cent to 4,358.17, leading all other listed sub-indices on Dubai Financial Market (DFM) General Index. The materials sector, which dropped 3.5 per cent to 308.80, was the only loser while the common staples sector was unchanged.

The only publicly traded stock exchange in the region, DFM Co., and newcomer Deyaar Development paced DFM with volume of shares reaching 148.55 million and 127.51 million respectively valued at Dh484.56 million and Dh239.2 million.

DFM Co. gained 4.12 per cent to Dh3.28 while Deyaar, a diversified real estate company and a wholly owned subsidiary of Dubai Islamic Bank, advanced 1.62 per cent to Dh1.88.

Kuwait's Grand Real Estate Projects Co. topped DFM with a jump of 15 per cent to Dh4.30, followed by Gulf Finance House, a financial services company based in Bahrain, which gained 7.1 per cent to Dh8.80 and district cooling facilities supplier Tabreed, which rose 7 per cent to Dh2.59.

The real estate sector wore an upbeat mood and topped all other sub-indices on Abu Dhabi Securities Market (ADSM) Index with a rise of 4.43 per cent to 998.65 while the insurance sector was the lone loser with a drop of 1 per cent to 2,965.29.

World-class ship builder Abu Dhabi Ship Building Co. led the listed companies with a jump of 8.8 per cent to Dh3.60, followed by Al Wathba Insurance Co. with a rise of 8.7 per cent to Dh5.88 and Union Insurance Co. with a climb of 6.4 per cent to Dh2.17.