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Emaar Profit lifts DFM;
Energy shares boost ADX

Emaar, the index’s biggest company by weighting, climbed to the highest since April 15. Dubai Islamic Bank PJSC advanced the most in two weeks.

The DFM General Index increased 0.8 per cent to 1,769.34 points, the highest since April 18.

“Emaar’s earnings beat expectations and the stock is looking very cheap and attractive,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai.

Emaar climbed 2.5 per cent to Dh4.04. The company said after markets closed last week that first-quarter profit more than tripled to Dh760 million ($207 million). The shares of the builder of the world’s tallest skyscraper rallied as much as 5.3 per cent intraday and accounted for more than a third of all shares changed hands on the index yesterday as volume stood at 214.07 million.

“Global markets and commodities are performing well, helping push up the Saudi market yesterday and Dubai’s index today,” Arabi said.

Dubai Islamic Bank, the UAE’s largest Islamic lender, gained 1.25 per cent to Dh2.29 after the UAE central bank issues a circular saying the country’s banks do not yet have to take provisions relating to their exposure to Dubai World.

Dubai Financial Market dropped 1.62 per cent to Dh1.82 and Air Arabia declined 0.84 per cent to 0.95 fils.

DSI new CFO

Drake & Scull International (DSI) appointed a new chief financial officer, Osama Hamdan, the company said yesterday in a statement. DSI’s former CFO, Khaled Jarrar, resigned in January.

Hamdan will begin managing all financial functions for DSI and its subsidiaries, the company said. DSI shares closed down 5.8 per cent at 0.93 fils on Thursday.

Taqa, Dana rise

Abu Dhabi National Energy Company, known as Taqa, was among the major gainers on Abu Dhabi Securities Market’s General Index, ADXGI, as investors look to diversify away from the dominant property and banking sectors.

Taqa rose 1.6 per cent and Dana Gas advanced 1.1 per cent. ADXGI gained 0.2 per cent to 2,821.82 points, its second gain in three sessions. Less than 54 million shares changed hands, barely a quarter of the DFMGI’s total.

In terms of value, Aldar Properties remained a most active share on ADX as its Dh27.31 million shares changed hands in thin trade. In terms of volume, Dana Gas remained on top as its 11.43 million shares were traded on the exchange. 
— muzaffarrizvi@khaleejtimes.com